Bitcoin Breakout? Analyst Predicts $120K-$150K Surge
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Bitcoin's price recently surpassed $108,000, but struggles to break its all-time high of $111,800, leaving analysts speculating. Crypto analyst Doctor Profit envisions two scenarios. The first, a bullish breakout from a bull flag pattern, would propel Bitcoin past $113,000 without a pullback, though Doctor Profit considers this unlikely due to typical market maker behavior. The second, and more probable scenario, involves a rejection at the $113,000 resistance level or a liquidity grab, leading to a dip to the $90,000-$93,000 range. This dip, however, isn't viewed negatively; instead, it's considered an opportunity to accumulate Bitcoin, resetting market leverage and eliminating weaker investors. Supporting this bullish outlook is robust on-chain activity, favorable technical indicators, liquidity flow, and macroeconomic factors. Doctor Profit points to the continued accumulation of Bitcoin by large wallets and the undervaluation of Bitcoin relative to the M2 money supply as long-term positive signs. The current price range has persisted for 226 days, mirroring patterns seen before significant price breakouts. Despite short-term volatility, the overall prediction remains optimistic, with a price target of $120,000 to $150,000 in the coming months. A dip to $90,000-$93,000 is seen as a crucial accumulation point before a substantial rally.
