3 scenarios for BTC: bitcoin forecast for two weeks
Date: 2023-07-17 Author: Karina Ziganova Categories: BLOCKCHAIN
Doctor Profit, a popular trader in the crypto community, named the three most likely scenarios for BTC for the next 7-14 days. He posted his bitcoin prediction on Twitter
According to Doctor Profit, the most likely scenario for bitcoin in the next two weeks could be a fake breakout of the 200-week moving average (WMA200) to around $29,000. At the designated level, according to the trader's observations, there is a liquidity zone, which can be a magnet for the cryptocurrency rate.
The fake breakout of the WMA200, according to Doctor Profit, may be followed by a retest of the 50-day moving average (EMA50). The movement is able to bring BTC to levels above $31,800.
The second most likely forecast of bitcoin does not exclude the pump of the coin to the levels of $37,000 – $38,000.
Doctor Profit also presented the worst, in his opinion, scenario for BTC for the next 7-14 days. It includes the close of trading below the EMA50 - around $29,000. The descent, according to the trader's observations, can open the way for the cryptocurrency to a liquidity pool in the region of $24,000.
The trader indicated the nearest liquidity zones to which the bitcoin exchange rate can aspire, as well as working indicators, on the chart:
Also, Doctor Profit drew the attention of subscribers of his microblog to a number of points that should be taken into account when making a bitcoin forecast. The list includes, among other things, the following items:
The sentiment of Twitter users regarding the future of the crypto market is extremely positive. According to the observations of Doctor Profit, the designated group of participants in the crypto industry is often mistaken. Therefore, excessive positivity in relation to cryptocurrencies, according to the trader, is a "red flag".
The CEO of BlackRock has engaged in active promotion of bitcoin on TV. Recall that in June 2023, the company applied to launch a spot bitcoin trust. According to Doctor Profit, BlackRock's excessive activity could be another "red flag",
A possible sell-off of bitcoins in the US against the backdrop of FUD (fear-intensified). Probably, Doctor Profit had in mind the possibility of negative news related to the regulation of the crypto market in America.
