Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Bitcoin Price Forecast: Analyst Predicts Major Breakout Amidst Strong Support at $68K

Highlights:

  • Market experts forecast a Bitcoin surge, highlighting $68K as a significant support level for future bullish trends.
  • Strong ETF inflows and whale accumulation indicate a robust market, setting the stage for a potential breakout above $74K.
  • Bitcoin shows a bearish trend as major indicators turn negative, suggesting a potential price and trend reversal.

Today, the crypto market has seen most coins trade in red as the bearish trend holds firm. The top 10 coins are seeing losses despite Ethereum showcasing resilience and surging by 2%. Bitcoin has seen a modest decline of 0.60%, trading at $68,730. The market cap and the trading volume are on a decline, too, dropping to $1.35 trillion and $14 billion, respectively.

Market Expert Predicts Bitcoin Breakout

Bitcoin’s price movement is setting the stage for a significant breakout, as observed by market analyst Doctor Profit. Bitcoin has been trading sideways between $67,000 and $70,000, with market makers preparing to push prices above $74,000. This move is anticipated to trigger a super cycle, potentially driving Bitcoin’s value to new highs.

The market appears robust, with the MA100 daily level acting as a strong support zone. Doctor Profit suggests this is an ideal region for investors who don’t utilize buying opportunities. Despite high fear and greed indices, the market’s health remains strong, indicating room for substantial growth in the near term, anticipating a breakout above $74K.

Bitcoin

The previous bull market’s peak also hovered around the $68,000 region, reinforcing its importance as a support level. Breaking through the $70,000 threshold could lead to a rapid ascent, with targets between $84,000 and $86,000 projected in the weeks following the breakout.

Recent trends show a notable ETF inflow, one of the most powerful seen in recent weeks. Whales and significant players have been accumulating Bitcoin aggressively, while retail investors have been selling. This accumulation phase by major players around the $68,000 mark is crucial, as it builds a solid strong support base for Bitcoin.

Bitcoin’s sideways movement within this large range is a precursor to an imminent breakout, likely closer than many anticipate. Investors should watch for a decisive move above $74,000, which could signal the start of Bitcoin’s next major price surge.

Bitcoin Technical Analysis

Looking at the technical indicators, Bitcoin presents a bearish trend. Major indicators are trending toward the negative territory. The change in direction of the indicators suggests a price/trend reversal. 

The Bollinger Bands are widening, which always indicates an increase in market volatility. The upper and lower bands are located at $72,376 and $58,733, respectively. Bitcoin has faced stiff rejection from the upper band, forming a series of red candlesticks toward the middle band.

Bitcoin
BTC/USD Chart: TradingView

In addition, the Moving Average Convergence Divergence (MACD), which has remained positive since early May, is declining as the green bars fade away from the histogram. This suggests a change in the market sentiment, shifting toward the bearish direction. 

The Relative Strength Index (RSI) is hovering at the 58 index, indicating a neutral trend. An increase in buying pressure could push the RSI toward the overbought region, pushing the price to new highs.

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.