Bitcoin 'Super Cycle' Will Cause Daily Pumps Of 10-30%, Trader Predicts: 'Until Then, Every Dip Is A Massive Buying Opportunity'

Crypto analyst Doctor Profit dissected Bitcoin's BTC/USD price movements and offered a comprehensive review of the previous crypto cycles.

What Happened: In his detailed “Sunday report,” the analyst highlighted having accurately predicted Bitcoin’s crash to $18,000 in 2021. He also noted his successful investment strategy of going all-in at prices between $16,000 and $18,000, which he considered a historically significant bottom price.

#Bitcoin – What's Next?

The Big Sunday Report: All You Need to Know

🚩 Technical Analysis (TA), Lifecycle Analysis (LCA), and Psychological Insights

Today, we look into each Bitcoin cycle we've witnessed to date, which explains you the current Bitcoin price. Every price range… pic.twitter.com/sBfa5dPzPP

— Doctor Profit 🇨🇭 (@DrProfitCrypto) July 28, 2024

He further discussed the pre-bull market phase, attributing the pump from the $20,000 region to $38,500 to actions by Binance, Changpeng Zhao, Justin Sun and Bitfinex whales. He also mentioned the significant role of BlackRock‘s Bitcoin ETF filing in June 2023 in driving market optimism.

He reminded traders' that in June 2023 when BlackRock filed for a Bitcoin ETF, the underlying asset was breaking above its 200-weekly moving average for the first time since the bear market began.

Also Read: Peter Schiff Confronts Donald Trump And Michael Saylor’s ‘Never Sell Your Bitcoin’ Strategy: ‘What’s The Point Of Owning It?’

Why It Matters: Doctor Profit’s analysis provides a comprehensive understanding of Bitcoin’s market dynamics and potential future movements.

The trader highlights that the phase ranging from $48,000 to $74,000, is considered the entry point for "Classic Market" investors, who will defend this range during the bull market at all costs. A breakout above "$74,000 region will bring us to the super cycle…," he predicts.

He anticipates a "super cycle," with daily pumps of 10%-30% considered normal and a target range between $110,000 and $220,000. These predictions, if accurate, could have significant implications for investors and the broader crypto market.

He concluded that super cycles commence months after the Bitcoin halving. "Until then, every dip to the bottom of our bottom-of-the-box range presents a massive buying opportunity," he noted.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Trump Says Bitcoin Will ‘Skyrocket Like Never Before’ If He Returns To The White House, Promises To Fire SEC Chair Gary Gensler On Day 1

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.