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A Bitcoin value prediction made precisely one month in the past by common crypto analyst Doctor Profit on social media platform X has unfolded with interesting accuracy. On March 21, Doctor Profit outlined an in depth value trajectory for Bitcoin, predicting particular value actions, resistance and assist zones, and the influence of the M2 money supply. Fast ahead to April 21, Bitcoin’s value actions have intently mirrored the analyst’s forecast, lending credibility to the remaining elements of his prediction.
How Bitcoin Followed Doctor Profit’s March Forecast
Doctor Profit’s analysis is based on Bitcoin’s response to modifications within the M2 cash provide, which he recognized as a misunderstood indicator. He argued that though the market skilled a rise in liquidity beginning in February, Bitcoin’s vital bullish rally from September 2024 onwards had already factored on this liquidity enlargement, opposite to what most traders had anticipated.
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Notably, Doctor Profit had beforehand highlighted a key technical stage, the weekly EMA 50, often known as the Golden Line, at roughly $76,000. He anticipated a bounce from this stage, projecting a transfer to the $87,000 to $88,000 area earlier than one other correction.
Bitcoin adopted this script nearly precisely, crashing within the first few days of April earlier than rebounding from round $76,000 on April 9. Now, Bitcoin has rallied back above $87,000, coinciding exactly with Doctor Profit’s prediction.
Next Phase: Bitcoin Heading For Support Zone At $70,000 To $74,000
Now that Bitcoin has bounced and is buying and selling above $87,000 once more, Doctor Profit’s fast subsequent goal is a possible crash in the direction of $74,000 to $70,000, which is barely beneath the highlighted Golden Line. According to the analyst, the market’s conduct at this assist zone might be decisive. It is at this zone that the Bitcoin value will reveal its next main directional bias.
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Doctor Profit laid out two clear eventualities based mostly on Bitcoin’s response throughout the $74,000 to $70,000 value vary. If Bitcoin experiences solely a brief wick into this vary and manages a robust day by day or weekly shut again above the Golden Line, this might sign a reversal, and it will be prudent to shut brief positions and start accumulating lengthy positions. However, if Bitcoin closes beneath this significant space, it might set off a deeper bearish transfer, main its value to considerably decrease ranges, probably revisiting the $50,000 area below a worst-case Black Swan state of affairs.
Notably, whichever bearish state of affairs performs out, it is expected to occur by April and certain into early May. Despite the present short-term bearish outlook, Doctor Profit maintained a bullish long-term view. He confidently predicted that the Bitcoin bull run would resume round May or June, finally driving the worth in the direction of new all-time highs within the vary of $120,000 to $140,000.
At the time of writing, Bitcoin is buying and selling at $87,526, up by 3.28% up to now 24 hours. The bearish outlook in the direction of $74,000 would solely be invalidated if Bitcoin successfully closes a weekly candle above the $100,000 stage.
Featured picture from Adobe Stock, chart from Tradingview.com
