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

1 month ago 9

The general cryptocurrency market has seen notable upward momentum in the past few weeks, with Bitcoin, the largest digital asset, leading the market once more toward what several seasoned crypto analysts believe to be one of the biggest bull runs ever.

Bitcoin Heading Toward More Higher Levels

In his latest report, Doctor Profit, a market expert and trader revealed that Bitcoin has recently experienced numerous key breakouts in the midst of growing market strength and optimism. After surpassing key trends and levels, Bitcoin continues to show upward strength with Doctor Profit predicting that these crucial breakouts may signal a possible entry into a highly anticipated super cycle for the crypto asset.

According to the expert, several historical resistance zones, Fibonacci levels, and crucial moving averages have been broken out following, including a massive breakout from a bull flag on the weekly chart and an enormous Descending Wedge pattern following BTC’s renewed bullish strength, which he pointed out in his last big report.

Doctor Profit is optimistic about the development given that he has been mentioning the move since March this year. The analyst had previously predicted the $70,000 threshold for BTC, after which the crypto asset will transition into a phase of long sideways movement. “It’s another good moment, my analysis has proven correct once again. Now that the breakout has occurred, my prediction is playing out as expected,” he added.

With BTC surpassing critical areas and patterns, Doctor Profit has placed the next target for the flagship crypto asset between $87,000 and $88,000. However, the expert anticipates a minor correction within the range before resuming its upside momentum.

It is worth noting that this strong price performance of BTC coincides with a robust demand for stablecoins as institutions are converting more USD to Tether (USDT), leading to a whopping $2 billion being minted by Tether in a single transaction days ago.

Furthermore, the analyst highlighted that crypto exchanges have experienced massive stablecoin inflows of $20 billion just this past week. This shows that the anticipated super cycle has begun as institutional and retail investors rush to purchase additional Bitcoin.

Investors Buying BTC From Coinbase

While investors are scrambling to buy more Bitcoin, Doctor Profit highlighted that over-the-counter (OTC) desks have currently run out of BTC. As a result, both institutions and major players are now required to purchase straight from Coinbase, indicating promising times ahead.

Doctor Profit noted that the extreme increase in demand for Coinbase‘s stock (COIN) further proves that the OTC desks are empty. Thus, Coinbase’s stock has seen high purchases from big investors due to the empty OTC desks.

Given the massive acquisition, the expert is confident that COIN is a must-have stock, noting that Coinbase’s quarterly profits will probably exceed the expectations of the market for COIN, which will result in higher price spikes.