Bitcoin, the leading cryptocurrency, has achieved a significant milestone by surpassing its previous all-time high (ATH) of $69,000, a record set nearly three years ago. This latest development has sparked excitement among crypto enthusiasts and experts, who foresee continued upward momentum for the digital asset in the coming months.
Bitcoin Enters Super Cycle Area
Cryptocurrency analyst Doctor Profit has shared an optimistic outlook for Bitcoin, based on a comprehensive analysis encompassing Technical Analysis (TA), Life-Cycle-Assessment (LCA), and Psychological analysis. According to Doctor Profit’s “Big Sunday Report,” Bitcoin’s trajectory is poised for further growth, with a particular focus on the Super Cycle area.
Doctor Profit’s analysis suggests that Bitcoin is currently in a “golden bull market,” characterized by movements between $48,500 and $70,000. Beyond this range, the asset enters the “Super Cycle Phase,” marked by significant green candle returns and surges. The expert predicts that Bitcoin will maintain movements within the “golden bull and super cycle” areas for the foreseeable future, primarily oscillating between $60,000 and $80,000.
Four Phases of Bitcoin’s Bull Cycle
Doctor Profit outlines four distinct phases expected in Bitcoin’s upcoming bull cycle. The first phase, signaling the end of the bear market, saw Bitcoin’s price range between $16,000 and $25,000. The subsequent “pre-bull market” unfolded in two stages: the initial phase between $25,000 and $38,500, followed by a stretch from $38,000 to $48,000.
The current phase, known as the “golden bull phase,” commenced with Bitcoin’s ascent from $48,000 to $70,000. This phase is expected to pave the way for the Super Cycle area, projected to extend from $72,500 to unprecedented levels.
Market Performance and Altcoin Activation
Despite Bitcoin’s record-breaking surge, major altcoins like Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) have yet to experience significant inflows. This suggests that the altcoin market is poised for activation in the near future, as Bitcoin’s momentum continues to drive market sentiment.
Bitcoin’s Current Status
As of now, Bitcoin’s price has risen by over 3% in the last 24 hours, reaching $72,139. Alongside price gains, its trading volume and market cap have also shown notable strength, rising by 78% and 3% respectively.
Conclusion
With Bitcoin breaking its previous ATH and entering the Super Cycle area, crypto enthusiasts are eagerly anticipating further price surges. Doctor Profit’s analysis provides valuable insights into Bitcoin’s trajectory, highlighting the potential for sustained growth and the activation of the altcoin market in the coming months. As Bitcoin continues to lead the crypto market, investors are closely monitoring its movements and preparing for potential opportunities amidst ongoing market volatility.
