Bitcoin to Revisit $70,000 Soon, Crypto Analyst Doctor Profit Makes Audacious Forecast

InThemidstofthegeneralpessimismthatsurroundsthecryptocurrencyspaceandBitcoincurrently,famouscryptoanalystandtraderDoctorProfithasmade

Renowned cryptoanalyst and trader Doctor Profit had previously anticipated a persistent sideways movement, and his analysis in the latest Big Sunday report suggests that nothing substantial has changed for Bitcoin. However, a falling wedge pattern on smaller and daily timeframes seems to be hinting at $**70,000 being the next target for BTC in the coming days. According to Doctor Profit, a falling wedge pattern usually signals a strong upward breakout, which is why he is confident that Bitcoin will revisit the aforementioned level. This pattern, coupled with the fact that the crypto asset is trading within a falling wedge on the daily chart, indicates a potential for a significant rally, despite recent price declines and broader pessimism. Moreover, this development corresponds with a liquidity pool located between the **$70,000 and $**72,000 price levels. Interestingly, for the first time in weeks, the financing rate has started to look robust and steady at the same time that the Long and Short ratio on exchanges is balanced. Adding to his analysis, the expert noted that strong fundamental indicators on BTC’s chart and on-chain data have prompted his belief of a significant increase in prices in the Q3 and Q4 of this year. However, several bearish trends are developing on the smaller timeframes prompting Bitcoin to lose several crucial support lines, including the MA100Daily, MA20Daily, MA50Daily, and EMA100Daily. “The MA50Daily, a key bull market indicator, broke down on Tuesday, June 18th, and Two days later, BTC pumped towards the MA50Daily level, only to be rejected at **$66,519,” he stated. As a result, he is keeping an eye out for a breakout from the falling wedge on the daily chart and a breakout from the MA50Daily level. Should a breakout develop, the expert believes it might lead to a more powerful rally than the previous ones, pushing BTC above the $**72,000 mark in the short term. Nonetheless, given the sideways movements of the cryptocurrency, Doctor Profit does not expect significant moves prior to Q3. Thus, he has urged investors to keep a tight eye on the MA50 daily level and any possible breakthroughs from the falling wedge formation. In the previous Big Sunday report, the expert hinted at a liquidity pool forming around **$64,400. Now, he warns that the level has been hit and there is hardly any liquidity left to take from the downside.

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