Cryptocurrency analyst Doctor Profit, who called Bitcoin’s peak, predicted that BTC could continue to rise to $200,000, setting a novel high highest level ever (ATH) for leading crypto. However, the analyst suggested that now is not a good time to buy as BTC is still likely to decline.
Bitcoin will still rise to $200,000, but it will fall first
In Post XDoctor Profit indicated that Bitcoin will rise to $200,000, but it is not a good time to buy as the BTC price is likely to fall further, presenting a better buying opportunity. He explained that someone who buys at the current price will get fewer coins than someone who waits BTC will fall to about $40,000.
The analyst criticized those who might argue that buying today is the same as buying at any other time, as Bitcoin is expected to continue to boost to $200,000. He described it as “absolutely dangerous thinking.” Doctor Profit suggested that the focus should be on maximizing profit because someone who buys at a lower price will earn more than someone using a DCA strategy.
Doctor Profit also suggested that there is no point in determining the moment of the bottom and that it is better to place buy orders in a specific range. He said his purchase orders would likely be in the $40,000 to $50,000 range. The analyst added that placing buy orders above $60,000 or even close to $70,000 is not a good decision. He recently reiterated that Bitcoin is still in a complex situation bear marketalthough he noted there may be a short-term boost in aid to more than $80,000.
The signal says it’s not time to buy BTC yet
Cryptocurrency analyst CrypFlow pointed out to the 2-month Stochastic RSI bullish cross, noting that it consistently marks the best buying opportunities every cycle. He noted that the pattern did not exist yet and did not pass, signaling that it was not yet time to buy Bitcoin. Typically, momentum resets below 20, sentiment turns negative, and then a bullish cross confirms the change.
This cross is said to have started the bull run in the 2015, 2019 and 2023 cycles. Right now stochastic RSI it resets again and the configuration is created, but the signal was not triggered. The analyst added that he is not trying to mark a bottom, but will build exposure slowly and add more in case of weakness. However, the real confirmation is this bullish cross.
Related reading: Bitcoin price is only halfway to the bottom and will fall below $40,000. Here’s why
At the time of writing, Bitcoin is trading at around $66,800, having risen over the past 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
