$47K BTC Bottom in Play According to Reputed Analyst Who Predicted This Dip, Can BTC Recover and Set New ATH This Bull Cycle?
cryptonewsland.com 05 August 2024 08:06, UTC - The price of Bitcoin continues to tumble and has just hit the $50,000 price mark.
- Crypto analysts battle over what will happen next, some remain certain of a BTC recovery.
- Another analyst predicted this crash and expects $47,000 BTC bottom along with altseason.
The crypto market continues to collapse as the price of BTC hits $50,000 falling by over 26% and the price of Ethereum falls to $2,255 falling by over 32%. As many traders and holders scramble to manage risk, the crypto community is torn between holding, selling, or pumping their assets.
Amidst the chaos, Doctor Profit, a reputed crypto analyst who made multiple accurate predictions, has admitted to getting his latest prediction wrong. He expected that the ongoing dip would take the price of BTC to a bottom of $57,000. Not only did BTC price go below $54,000, but it continued to hit the $50,000 mark within an hour.
One Analyst Predicted the Dip
This brutal dip was predicted by another analyst, Rafaela Rigo. She expects the price of Bitcoin to fall to $47,000 during the ongoing dip and calls for BTC price at $20,000 next year. If the FUD sentiment continues to grow, her prediction will likely play out.
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Another target hit!
And we are only 4 days into
RED AUGUST
On to the next target towards $52k-47K
. https://t.co/LUSkExqWVH pic.twitter.com/XoEoNOk51L— ⭐RᗩᖴᗩEᒪᗩ ⭐ (@RAFAELA_RIGO_) August 4, 2024
However, she does expect altseason to arrive after BTC bottoms around $47,000 with many altcoins setting new ATHs. On the other hand, if the FUD sentiment phases out and the price of Bitcoin recovers taking the whole crypto market along with it, Doctor Profit still has his bullish prediction in place.
#Bitcoin – What’s Next?
The big Sunday report, all you need to know:
TA/LCA/Psychological Analysis: When it comes to the market, there are no such words as “market moves unexpectedly.” Moves should always be anticipated, especially when we’ve been in a massive sideways… pic.twitter.com/EgJhARHaIQ
— Doctor Profit (@DrProfitCrypto) August 4, 2024
Can Bitcoin (BTC) Recover?
As we can see from his latest weekly report, Doctor Profit remains certain that the price of Bitcoin (BTC) will recover to the $72,000 price mark. Yet, he explains that the risk of a new war will make many skeptical and give in to FUD.
He shares his plan on buying the sip but has yet to take into account the fact that Bitcoin (BTC) price has dipped much lower than his expected bottom price range. Despite this fact, given his conviction and many bullish expectations for Bitcoin’s next ATHs, he is likely to stick by his expectations as explained in the report.
