Bitcoin (BTC) Price Range Is Clear: Doctor Profit Identifies New Market Trend

Bitcoin, the flagship cryptocurrency has continued its bearish momentum, potentially heading to the $50,000 mark after failing to reach the $73,000 level once again.

Bitcoin price has experienced a downturn, leading to speculations about the next price movement. While some anticipate a further decline to the $50,000 mark, others believe the price range is clear, indicating a period of consolidation.

Crypto expert Doctor Profit highlights the common perception of unpredictable market movements. However, he contends that these shifts are largely anticipated, especially given the extended sideways trend at the year's beginning.

For newcomers, Doctor Profit emphasizes the clear price range for BTC, which spans from $72,000 to $56,000 – $57,000, indicating the upper and lower boundaries of the price box in his chart.

Despite some community members considering the broadness of the range, Doctor Profit maintains its accuracy when comparing key Fibonacci resistance levels with important moving averages and the optimal liquidity level created at the box's top or bottom. He adds that market makers have a reason for selecting this range, which is evident from the chart pattern's significance.

"Market makers chose this range for a reason. You can dislike it all you want, but look at the facts and the chart, and you will notice the absolute precision of the box and the undeniable profitability of buying at the bottom of the box since the beginning of the year, and the chart is a proof for that," Doctor Profit states.

According to the expert, apprehensions over a new Middle East crisis are exerting substantial selling pressure on Bitcoin. Amidst rumors of Iran's potential response and Israel's countermeasures, Doctor Profit asserts that each scenario could either alleviate or heighten market anxiety.

At this juncture, the analyst advises focusing on the major players shifting the most BTC rather than concerning ourselves with weak hands' panic sales. He concludes by highlighting that major participants recognize the profitability of purchasing BTC at the box's bottom, which serves as a clear indicator for a local bottom.

Meanwhile, the recent dip in Bitcoin has sparked fears and mass liquidations, leading to speculation that the market is experiencing a scenario similar to 2020.

Highlighting the trend, crypto investor Mike Alfred compares it to a specific event in March 2020, where a mass liquidation caused BTC to drop drastically from the $8,000 price point to around $4,000. However, the expert anticipates the current decline to end quickly, advising investors to watch for large wicks that swiftly reverse.

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