This Bitcoin Bullish Pattern Signals Rebound To $70,000 In Coming Days – Analyst | Bitcoinist.com



In
the
midst
of
the
general
pessimism
that
surrounds
the
cryptocurrency
space
and
Bitcoin
currently,
famous
crypto
analyst
and
trader
Doctor
Profit
has
made
an
audacious
forecast
that
the
crypto
asset
will
rebound
to
the
crucial
$70,000
level
in
the
upcoming
days.


Doctor
Profit’s
analysis
which
has
triggered
optimism
within
the
crypto
community
hinges
on
a
bullish
price
formation
that
suggests
a
positive
reversal
is
imminent.
The
analyst

How To Get Free Crypto  


offered


this
positive
prediction
in
his
recent
Big
Sunday
report.


Bitcoin
To
Revist
$70,000
Soon


According
to
Doctor
Profit,
since
the
last
big
Sunday
report,
in
which
he
identified
a
persistent
sideways
movement,
nothing
significant
has
changed
for
Bitcoin.
However,
a
falling
wedge


pattern


has
surfaced
on
smaller
and
daily
time
frames,
suggesting
that
$70,000
may
be
the
next
objective
for
the
flagship
crypto
in
the
coming
days.


Doctor
Profit
is
confident
that
Bitcoin
will
revisit
the
aforementioned
level
due
to
the
fact
that
a
falling
wedge
pattern
typically
signals
a
strong
upward
breakout.
Despite
recent
price
declines
and
broader
pessimism,
this
pattern
indicates
that
the
crypto
asset
could
be
ready
for
a
significant
rally.


The
expert
noted
that
this
development
corresponds
with
the
liquidity
pool
located
between
the
$70,000
and
$72,000
price
levels.
And
for
the
first
time
in
weeks,
the
financing
rate
has
started
to
look
robust
and
steady
at
the
same
time
that
the
Long
and
Short
ratio
on
exchanges
is
balanced.

Coinbase Banner  
Rally
to
$70,000
in
the
upcoming
days
|
Source:

Doctor
Profit
on
X


He
further
pointed
to
strong
fundamental
indicators
on
BTC’s
chart
and
on-chain
data
that
prompted
his
belief
of
a
significant
increase
in
prices
in
the
Q3
and
Q4
of
this
year.
However,
several
bearish
trends
are
developing
on
the
smaller
time
frames
prompting


Bitcoin


to
lose
several
crucial
support
lines,
including
the
MA100
Daily,
MA20
Daily,
MA50
Daily,
and
EMA100
Daily.


“The
MA50
Daily,
a
key
bull
market
indicator,
broke
down
on
Tuesday,
June
18th,
and
Two
days
later,
BTC
pumped
towards
the
MA50
Daily
level,
only
to
be
rejected
at
$66,519,”
he
stated.
As
a
result,
he
is
keeping
an
eye
out
for
a
breakout
from
the
falling
wedge
on
the
daily
chart
and
a
breakout
from
the
MA50
Daily
level. 


No
Major
Movements
Before
Q2
Closes 


Should
a
breakout
develop,
the
expert
believes
it
might
lead
to
a
more
powerful
rally
than
the
previous
ones,
pushing


BTC


above
the
$72,000
mark
in
the
short
term.
Nonetheless,
given
the
sideways
movements
of
the
cryptocurrency,
Doctor
Profit
does
not
expect
significant
moves
prior
to
Q3.


Thus,
he
has
urged

FreeBitcoin Banner  


investors


to
keep
a
tight
eye
on
the
MA50
daily
level
and
any
possible
breakthroughs
from
the
falling
wedge
formation.


In
the
previous
Big
Sunday
report,
the
expert
hinted
at
a
liquidity
pool
forming
around
$64,400.
Now,
he
warns
that
the
level
has
been
hit
and
there
is
hardly
any
liquidity
left
to
take
from
the
downside.

BTC
trading
at
$61,031
on
the
1D
chart
|
Source:
BTCUSDT
on

Tradingview.com

Featured
image
from
iStock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie


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