Bitcoin’s Path Forward: Analysis After Surpassing $87,000

Bitcoin has crossed the $87,000 mark, following a recent correction to $74,000. Analyst Doctor Profit provided insight into price levels, identifying the Golden Line at $77,000 as crucial for stability. He foresees potential scenarios, emphasising a breakthrough above the Hammer Line could lead to price surges, while a downturn below the Golden Line might indicate deeper corrections. Currently, Bitcoin is seeing a 4% weekly increase.

Bitcoin (BTC) has surpassed the $87,000 threshold after experiencing a corrective dip to $74,000 earlier this month. Crypto analyst Doctor Profit shared insights on future price movements through a social media platform, predicting Bitcoin’s trajectory based on its current market dynamics.

Analyst Doctor Profit revisited two scenarios from a previous analysis: the anticipated healthy correction into the $70,000 to $74,000 range, which materialised, and a severe decline—a ‘Black Swan’ event—potentially dropping Bitcoin to $50,000-$60,000. He emphasised a key marker, the “Golden Line,” currently at $77,000, which must hold for a crash scenario to remain unlikely.

Currently, Bitcoin is encountering resistance at the “Hammer Line,” which has historically resulted in price rejections. Nevertheless, Doctor Profit remains optimistic, noting the robust support at the Golden Line. He plans to close his short position if Bitcoin breaks this Hammer Line, while preparing to buy if prices retreat to $77,000 again.

Doctor Profit predicts Bitcoin will trade sideways between the Hammer Line and Golden Line, from $77,000 to $85,200, with the potential for bullish factors such as US-China agreements, Federal Reserve rate cuts, and increased M2 liquidity. He believes a breakthrough of the Hammer Line could indicate the end of corrections and a rise toward new price peaks, whereas a breach below the Golden Line may signal a drastic sentiment shift.

At present, Bitcoin is trading above $87,200, reflecting a weekly increase of nearly 4%.