Crypto analyst Doctor Profit, who called the Bitcoin bottom at $77,000, has revealed what is next for the flagship crypto. Based on his prediction, BTC will likely sustain this bullish momentum as it rallies to new highs.
Crypto Analyst Reveals What Is Next For Bitcoin
In an X post, Doctor Profit stated that the next target for the Bitcoin price is $100,000, given the current momentum and the break above the hammer line at around $88,000. He also indicated that BTC could sustain this bullish momentum after it reaches $100,000 and rally to a new all-time high (ATH) in the coming weeks.
This supports Standard Chartered’s prediction that Bitcoin could reach as high as $120,000 in the second quarter of this year. Doctor Profit noted that the fear in the markets is still big and that Bitcoin looks more than healthy for a new leg up, which is why he is confident that a new ATH is on the cards.
Another reason the crypto analyst is confident of this bullish outlook for Bitcoin is that the funding rate was negative just two days ago. He explained that this means that there have been more shorts than longs open in the market, which is “crazy” at a BTC price of the $95,000 region. Doctor Profit again affirmed that the market is still more than healthy at this point.
The Primary Catalysts For The BTC Pump So Far
Doctor Profit also outlined the primary catalysts for the Bitcoin pump so far. He stated that one is the aggressive accumulation by US Spot Bitcoin ETFs. The analyst noted that these ETFs recorded nearly $1 billion in net inflows on April 22, which is the third-largest daily inflow of the year.
He further remarked that this showcases an intense institutional hunger for more Bitcoins in times of big fear and uncertainty. Doctor Profit also noted that BTC is moving against the stocks and enjoying an upward trend alongside Gold, while these stocks remain in the red zone. Thanks to this active accumulation, the flagship crypto’s liquid supply is drying up at an “alarming rate.”
The crypto analyst stated that Exchange reserves for Bitcoin have plunged over the last few days, indicating that whales are moving their coins to cold storage to hold for the long term. Doctor Profit also alleged that OTC desks are running at very thin levels of supply, a development which he claims is an early warning that major accumulation is happening behind the scenes.
He alluded to asset manager Fidelity’s warning that a Bitcoin supply shock may be imminent. The analyst believes that this supply shock is very imminent, especially considering that sovereign entities are also developing a huge interest in the flagship crypto.
At the time of writing, the BTC price is trading at around $94,700, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
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