Bitcoin Rebounds to $62,000, Forming Key Bullish Pattern

Bitcoin has rebounded to $62,000 after dropping to a low of $58,400 the previous day. Amid the prevalent pessimism surrounding the cryptocurrency market, renowned crypto analyst and trader Doctor Profit has boldly predicted that Bitcoin will surge back to the significant $70,000 level in the coming days.

Azcnews Bitcoin Rebounds To $62,000, Forming Key Bullish Pattern

Bitcoin To Revist $70,000 Soon

Doctor Profit’s analysis has sparked optimism within the crypto community, pointing to bullish price formations that suggest an imminent positive reversal. He shared this upbeat forecast in his recent Big Sunday report. According to Doctor Profit, despite the persistent sideways movement identified in his latest report, no significant changes have occurred for Bitcoin. However, a falling wedge pattern has emerged on smaller and daily timeframes, indicating that $70,000 could be the next target for the leading cryptocurrency.

Doctor Profit is confident that Bitcoin will reach this target, as the falling wedge pattern typically signals a strong upward breakout. Despite recent price declines and widespread pessimism, this pattern suggests that the cryptocurrency might be poised for a substantial rally.

The expert noted that this development aligns with the liquidity range between $70,000 and $72,000. For the first time in weeks, the funding rate appears robust and stable, while the buy and sell ratios on exchanges are balanced.

He also highlighted strong fundamental indicators on BTC charts and on-chain data, reinforcing his confidence in a significant price increase during Q3 and Q4 of this year. However, some bearish trends developing on smaller timeframes have caused Bitcoin to lose several key support levels, including the MA100 Daily, MA20 Daily, MA50 Daily, and EMA100 Daily.

“On Tuesday, June 18, the MA50 Daily, a crucial indicator of bullish market conditions, was breached,” he stated. “Two days later, BTC climbed back to the MA50 Daily level, only to be rejected at $66,519.” As a result, he is closely monitoring the breakout from the falling wedge on the daily chart and the movement past the MA50 Daily level.

Doctor Profit Bitcoin Chart
Doctor Profit Bitcoin Chart

No Major Movements Before Q2 Closes

There were no major fluctuations before the end of Q2. If a breakout develops, the expert believes it could lead to a more robust recovery than previous ones, pushing BTC above the $72,000 mark in the short term. However, given the sideways movements of the cryptocurrency, Doctor Profit does not anticipate significant movements before Q3. Therefore, he has urged investors to closely monitor the daily MA50 level and any potential breakouts from the falling wedge formation.

Related: Mt. Gox to Begin Repaying Debts in BTC and BCH in July 2024

In his previous Big Sunday report, the expert suggested a liquidity cluster forming around $64,400. Now, he warns that this level has been reached and there is hardly any liquidity left to mitigate the downside risk.


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