Cryptocurrency analyst Doctor Profit provided insight into what to expect from Bitcoin’s price after it fell below $70,000 over the weekend. This comes as the leading cryptocurrency continues to come under pressure due to the American-Iranian war and unstable oil prices.
What to expect from the price of Bitcoin
In Post XDoctor Profit said it expects Bitcoin to trade in the range of $57,000 to $87,000. The analyst noted that this sideways price action is not bullish, but is preparation for what is to come over the next few months for the leading cryptocurrency. He anticipates it BTC may fall to between $50,000 and $44,000 in the coming months.
Doctor Profit also noted that Bitcoin’s price reflects price action from 2022, when BTC dropped 52% from its price highest level ever (ATH) after which it rose 44% from the low and then fell again. As such, the leading cryptocurrency is expected to follow the same fractal and rise and then fall below $60,000 in the coming months.
The analyst said that market psychology supports a rebound because fear and greed index is currently at an extreme level of fear. As a result, Bitcoin’s price may move in the opposite direction, with many expecting it to decline. Doctor Profit added that before the next decline, the market must create additional liquidity in the negative and utilize the liquidity built in the positive.
However, Bitcoin price continues to face massive resistance at $70,000, negating any sustained upside. BTC is also under pressure from the Iran war, which continues to cause oil price volatility. The leading cryptocurrency rose as high as $71,000 yesterday but fell sharply below $70,000 following reports that Iran intends to deploy naval mines in Strait of Hormuz.
The next local bottom could be in the $57,000 to $60,000 range
Doctor Profit said it considers $57,000-$60,000 to be the local low, but it’s not macro bottomand expects this area to be tested repeatedly. The analyst identified this range as a place to buy. He also believes that there is no reason to sell at the moment, as the upside potential remains.
Doctor Profit said the largest and most aggressive long-term bets will be placed much lower, between the $50,000 level and the $40,000 low. This is where the analyst plans to re-enter the market with “serious size” ahead of the next one bull cycle. This is also an area where Bitcoin price is expected to form a macro bottom.
The analyst expects Bitcoin’s price to fall to the $50,000 to $40,000 range between September and October this year. In the meantime, he predicts that BTC will continue to see “long and boring” sideways price action.
At the time of writing, Bitcoin is trading at around $69,800, down over the past 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
