Despite BTC’s recent unimpressive price action, crypto analyst Dr. Proffitt shared his bullish view on Bitcoin and the broader crypto market. The analyst further suggested that a parabolic move is imminent and crypto investors should position themselves accordingly.
Virtual currency market preparing for the “Third Industrial Revolution”
In a post on suggested. “Either join it or you’ll regret it.” [a] Forever,” the crypto analyst added, warning that crypto investors will miss out on this market rally.
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In a previous X post, Doctor Profit provided an idea of what to expect as the crypto market (Bitcoin in particular) takes its next step. He said the flagship cryptocurrency will rise to $84,000 after closing in a flat range between $60,000 and $72,000. In another X post, he claimed that a supercycle will begin after Bitcoin reaches $72,000.
On the other hand, Dr. Profit suggested that the price corrections experienced are normal and usually occur in each cryptocurrency cycle. He further said that a 10-20% price change is not a big move. His statement echoes the sentiments of Alex Thorne, head of research at Galaxy Digital, who previously warned that the bull market is not “linear.”
Bitcoin is in a re-accumulation period
In a recent post on X (formerly Twitter), cryptocurrency analyst Rekt Capital acknowledged that Bitcoin is currently in a re-accumulation phase that will occur after the Bitcoin halving. He added that the current goal is for “Bitcoin to move sideways, take a breather, and the market calms down.” [a] Great pre-halving price performance.
According to Rekt Capital, this re-accumulation period can last for “several weeks and even up to 150 days.” Analysts have revealed that once this period ends, Bitcoin will experience a breakout from this sideways range, followed by a parabolic uptrend.
This upward trend phase is said to continue for more than a year. However, the duration of this uptrend could be cut in half as market cycles are likely to accelerate, Recto Capital said. Cryptocurrency analysts like Tom Dunleavy, partner and chief investment officer at MV Capital, predict that the flagship cryptocurrency will rise to $100,000 when that time comes.
At the time of writing, Bitcoin is trading at around $64,360, according to data from CoinMarketCap, and has risen over the past 24 hours.
