Accurate Bitcoin Price Predictions by Doctor Profit and Future Outlook

Doctor Profit’s Bitcoin price prediction from March has proven accurate, showing Bitcoin’s movements align with his forecast. He anticipates potential support near $70,000 to $74,000, outlining two scenarios based on Bitcoin’s behaviour in that range. Despite short-term bearish trends, he maintains a long-term bullish outlook for Bitcoin, predicting future highs between $120,000 and $140,000.

Bitcoin Price Prediction by Analyst Doctor Profit
A recent Bitcoin price prediction by analyst Doctor Profit on social media platform X has shown remarkable accuracy since its announcement on March 21. He detailed projected price movements, specifying resistance and support zones while also considering the impact of the M2 money supply on Bitcoin’s performance. As of April 21, Bitcoin’s actual price trajectory has closely aligned with his forecast, enhancing the credibility of his remaining predictions.

Response to M2 Money Supply Changes
Doctor Profit’s analysis emphasises Bitcoin’s reaction to fluctuations in the M2 money supply, which he describes as an underappreciated indicator. He asserted that an increase in market liquidity initiated in February had already been priced into Bitcoin, with a bullish rally anticipated from September. A pivotal point he noted was the weekly EMA 50, or Golden Line, positioned near $76,000, expecting Bitcoin to recover from this level before reaching $87,000 to $88,000.

Bitcoin’s Recent Price Movements
In line with his analysis, Bitcoin saw a drop at the start of April but rebounded from approximately $76,000 on April 9, eventually surging past $87,000, consistent with Doctor Profit’s predictions. This adherence to the forecast strengthens his insights regarding upcoming price movements, especially near significant support areas.

Anticipated Price Movements towards Support Zones
Following the price increase above $87,000, Doctor Profit predicts a potential decline towards the support zone of $74,000 to $70,000, slightly beneath the mentioned Golden Line. The analyst emphasises that how Bitcoin behaves in this zone will be crucial in determining its future direction.

Two Scenarios for Support Zone Reactions
Doctor Profit has outlined two scenarios depending on how Bitcoin interacts within the specified price range. If Bitcoin briefly touches this range but firmly closes above the Golden Line, it signals a potential reversal, encouraging traders to consider accumulating long positions. Conversely, a sustained close below this critical level might initiate a significant bearish trend, possibly revisiting the $50,000 zone in a worst-case scenario.

Long-Term Outlook Despite Short-Term Bearishness
While the short-term prospects appear bearish, Doctor Profit maintains a long-term bullish outlook, estimating that Bitcoin’s bull run may resume by May or June. He anticipates that Bitcoin could ultimately reach new all-time highs in the range of $120,000 to $140,000. Currently, Bitcoin is trading at $87,526, reflecting a 3.28% increase over the last day. Closing a weekly candle above $100,000 is essential to invalidate the bearish outlook toward $74,000.