Analyst Doctor Profit’s Bitcoin Price Forecast from March Proves Accurate
Crypto analyst Doctor Profit's predictions for Bitcoin made on March 21 have proven accurate. His analysis focused on the M2 money supply's influence on Bitcoin prices.
Key Predictions and Developments
- Doctor Profit identified resistance at approximately $76,000, expecting a price bounce to $87,000-$88,000 before a correction.
- Bitcoin rebounded from around $76,000 on April 9 and has since surpassed $87,000, aligning with his forecast.
Current Analysis and Future Outlook
- Next target is a potential drop to the support zone of $70,000-$74,000.
- Market behavior in this range will determine Bitcoin's direction:
- A strong close above $76,000 may signal a reversal, prompting long positions.
- A close below could lead to a decline towards the $50,000 region.
- Doctor Profit anticipates a resumption of the bullish trend by May or June, potentially pushing prices to $120,000-$140,000.
- As of now, Bitcoin trades at $87,526, up 3.28% in 24 hours.
- The bearish scenario would be invalidated if Bitcoin closes a weekly candle above $100,000.
