Bitcoin is holding strong above $67,000, poised to break major resistance and reach new all-time highs.
Doctor Profit predicts Bitcoin’s price will not fall below $48,000, with institutional support at that level.
A supply shock is expected to trigger a price rally for Bitcoin and lead to a parabolic rise in altcoins.
Bitcoin (BTC) continues to maintain its position above the $67,000 mark, signaling a possible bullish weekly close. This momentum could push the price further upward, bringing BTC closer to its previous all-time highs (ATH). Crypto analysts are now forecasting that Bitcoin could break through resistance levels and surge beyond $220,000 during the ongoing bull cycle.
BTC Poised for Bullish Close Above $67,000
Currently, Bitcoin's price is holding steady above $67,000. If the market closes this week on the same bullish trend, Bitcoin will have successfully surpassed a major seven-month-long resistance level. Significantly, this bullish breakout could lead to a sharp increase in Bitcoin’s value, with predictions ranging from $220,000 to $550,000. Investors and traders are closely watching these developments as Bitcoin’s performance continues to attract attention from both the crypto community and institutional investors.
Bitcoin Expected to Stay Above $48,000
In addition to these bullish predictions, renowned crypto analyst Doctor Profit has made strong assertions about Bitcoin’s price floor. He argues that the price of Bitcoin will never dip below $48,000 again. This is largely due to a supply shock on exchanges, as only 2 million BTC are left on trading platforms. Hence, with large-scale BTC purchases from institutions like BlackRock, Doctor Profit believes that this price floor will hold firmly.
https://twitter.com/DrProfitCrypto/status/1846800537938715092
BlackRock’s Entry at $48,000 Sets a Price Floor
Moreover, Doctor Profit notes that BlackRock entered the Bitcoin market when the price hovered around $48,000. Consequently, he asserts that the $48,000-$52,000 price range will serve as a strong support zone. This further cements the view that Bitcoin’s price will not sink below this level as institutional investors aim to protect their holdings. Additionally, the approval of Bitcoin ETFs has further fueled Bitcoin's rally, pushing its price from $48,000 to over $67,000.
Besides Bitcoin’s promising outlook, the market is also anticipating an altcoin rally. With increasing BTC demand and a diminishing supply on exchanges, Doctor Profit predicts that altcoins will experience a parabolic rise as well. Consequently, the overall crypto market is expected to witness a surge in prices, with many altcoins potentially reaching new ATHs.
