Altcoins are preparing for a major rally, according to a renowned crypto market analyst known as Doctor Profit. Drawing on the significance of the EMA50 (50-day Exponential Moving Average), Doctor Profit predicts that altcoins are on the brink of a massive surge. In a tweet, he mentions that the EMA50 is a crucial indicator of whether the altcoin market is in a bullish or bearish state.
Referencing the 2021 bull market, where altcoins experienced a significant correction after 47 weeks, Doctor Profit points out a similar pattern emerging in the current bull cycle. With only 24 weeks of bullish movement thus far, Doctor Profit anticipates much higher price targets for altcoins in the near future.
In his comprehensive weekly report, Doctor Profit dives deeper into technical analysis and market trends. He suggests that Bitcoin’s sideways movement is actually an accumulation phase, indicating a substantial upward trajectory for BTC. He predicts that Bitcoin could surpass $80,000 and reach $100,000 rapidly. Monitoring Bitcoin’s monthly close and its performance against inflation-adjusted all-time highs is essential, according to Doctor Profit.
Furthermore, Doctor Profit highlights the decreasing Bitcoin supply on exchanges, which signals a bullish market sentiment due to high demand. He advises investors to strategically enter the altcoin and BTC markets, anticipating a super cycle that could propel Bitcoin to unprecedented highs by mid-2025.
Despite market fluctuations, Doctor Profit remains optimistic and encourages a “hold and add more” strategy, advising against selling. As the crypto market evolves, Doctor Profit’s insights provide valuable guidance for investors navigating the dynamic landscape of digital assets.