Emily Walker
The cryptocurrency market has experienced significant growth over the last few weeks, with Bitcoin, the leading digital currency, driving optimism as analysts anticipate a major bull run.
Bitcoin’s Surge Towards New Heights
In a recent report, market analyst Doctor Profit highlighted that Bitcoin has broken through several important levels, reflecting the increasing strength and positivity in the market. After overcoming critical trends, Bitcoin’s upward movement suggests it might be entering a much-anticipated super cycle, according to Doctor Profit.
The analyst noted that many historical resistance points, Fibonacci sequences, and essential moving averages have been surpassed. He also emphasized a significant breakout from a bull flag on the weekly chart along with a notable Descending Wedge pattern, which indicates renewed bullish momentum for BTC as outlined in his previous reports.
Doctor Profit has held a positive outlook since March, previously predicting that Bitcoin would reach $70,000 before transitioning into a prolonged period of stability. “This is a promising moment; my analysis continues to hold true. Now that we’ve seen the breakout, my forecasts are unfolding as anticipated,” he stated.
Following these developments, Doctor Profit has set the next target for Bitcoin between $87,000 and $88,000, although he expects a minor correction before the price resumes its upward trend.
It’s important to note that Bitcoin’s strong performance has been accompanied by a surge in demand for stablecoins, as institutions have been converting more USD into Tether (USDT). Recently, Tether minted an impressive $2 billion in a single transaction.
Additionally, the analyst reported that cryptocurrency exchanges have seen a massive influx of $20 billion in stablecoins over the past week. This suggests that the anticipated super cycle is underway as both institutional and retail investors seek to acquire more Bitcoin.
BTC Acquisition Trends on Coinbase
As demand for Bitcoin rises, Doctor Profit pointed out that over-the-counter (OTC) desks are currently out of stock. Consequently, institutions and major investors are now turning to Coinbase for their Bitcoin purchases, indicating a positive outlook for the market.
He also mentioned that the heightened demand for Coinbase’s stock (COIN) reflects this shortage in OTC supply. As a result, significant purchases of Coinbase stocks have been made by large investors.
Considering this substantial investment activity, Doctor Profit believes that COIN is a stock worth holding, predicting that Coinbase’s quarterly profits will likely exceed market expectations, leading to further price increases.