Bitcoin Undergoes Multiple Major Breakout: A Super Cycle For BTC Imminent?

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As a researcher with over two decades of experience in financial markets, I have witnessed numerous bull runs and bear markets. However, the current momentum in the cryptocurrency market, particularly with Bitcoin, is unlike anything I have seen before.

Over the last few weeks, there’s been a significant rise in the overall cryptocurrency sector, and Bitcoin, the predominant digital currency, is again spearheading this trend. Many experienced crypto experts predict that this upward surge could be part of one of the greatest bull markets we’ve ever seen.

Bitcoin Heading Toward More Higher Levels

In his recent analysis, renowned market analyst and trader Dr. Profit highlighted that Bitcoin has seen multiple significant bursts through key milestones amidst increasing market vigor and enthusiasm. Having overcome critical thresholds and indicators, Bitcoin continues to exhibit robust growth according to Dr. Profit’s forecasts, which suggest these major breakthroughs could potentially indicate an impending entry into a highly anticipated long-term bull run or “super cycle” for the digital currency.

Based on the analyst’s analysis, significant historical resistance zones, Fibonacci levels, and key moving averages have been breached after a series of events. This includes a substantial breakout from a bull flag formation on the weekly chart, as well as a large Descending Wedge pattern emerging following Bitcoin’s renewed bullish momentum, which he highlighted in his most recent comprehensive report.

Doctor Profit has been expressing optimism about the development since March this year. Earlier, the analyst forecasted that Bitcoin would reach $70,000, following which it would enter a period of prolonged sideways movement. He stated, “This is another positive indication, as my predictions have been validated once more. Now that the breakout has taken place, I am seeing my prediction materialize as anticipated.

Based on Bitcoin breaking through important thresholds and trends, Dr. Profit predicts the next potential price range for the leading cryptocurrency to be around $87,000 to $88,000. However, he also expects a brief pullback within this price range before resuming its bullish trend.

It’s significant to point out that the impressive rise in Bitcoin’s price seems to align with a surge in demand for stablecoins, particularly Tether (USDT). This trend has resulted in Tether minting an astounding $2 billion in just one transaction recently, as institutions have been rapidly converting their USD into this digital currency.

Additionally, it was pointed out by the analyst that a significant amount of $20 billion in stablecoins has been pouring into crypto exchanges over the past week. This influx suggests the onset of the expected “super cycle,” with institutional and individual investors scrambling to buy more Bitcoin.

Investors Buying BTC From Coinbase

In my role as a researcher, I’ve observed an intriguing development in the Bitcoin market. With investors eagerly adding more Bitcoin to their portfolios, it seems that over-the-counter (OTC) desks have temporarily exhausted their supply of BTC. This scarcity has led major players and institutions to resort to direct purchases from Coinbase. This shift could be a promising sign for the future, suggesting increased demand and potential growth in the market.

Doctor Profit pointed out that the significant surge in demand for Coinbase’s shares (COIN) suggests that over-the-counter (OTC) dealers are running low on supply. Consequently, it appears that large investors have been buying up a lot of Coinbase’s stock because there is little available on OTC desks.

Based on the significant purchase, the expert is certain that Coinbase’s stock (COIN) is an essential investment. This confidence stems from the expectation that Coinbase’s quarterly earnings will likely surpass the predicted market expectations for COIN, leading to increased price surges.

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2024-11-11 15:41