Crypto analyst makes forecast for the next 5 months
Currently, the crypto market seems to be barely moving. Nevertheless, popular crypto expert Kyle Doops expects we could still see a bull market in the next five months. This article explains what investors should keep in mind.
According to crypto analyst Kyle Doops, known from Crypto Banter, now could be an excellent time to take advantage of the recent price pullbacks to buy dips. According to the crypto analyst, historically, a rally after Bitcoin halvings lasts 12 to 18 months, with us currently in month 13.
On the other hand, he believes that selling pressure will continue to dominate below a Bitcoin price of $106,145 , as demand is currently too weak. Therefore, he believes investors should prepare for corrections to a Bitcoin price of $97,000, which is 8.41% below the current level of $105,910.
According to Doops, the recapture of the 50-SMA, as well as the EMA-9 and EMA-18 , should also be interpreted as bullish, if confirmed. However, according to the crypto expert, Bitcoin dominance is now in a critical zone, between 66 and 69.75%, which could allow a reversal in favor of altcoins. Likewise, USDT dominance would indicate a possible collapse, which is very bullish.
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The crypto analyst expects the uptrend to continue, especially if the Bitcoin price exceeds USD 106,145. He attributes this to the Wyckoff chart pattern , which then breaks down the distribution pattern and the bulls take over. For an entry signal to occur, the daily closing candle must be above this level, which he believes could happen within a week.
In this case, a critical point would be crossed, at which many crypto analysts expect a short squeeze . According to the liquidity heatmap, there are hardly any shorts left. According to Kyle Doops, once this important mark is crossed, Bitcoin's next bullish phase will be triggered.
Once the bull market has begun, the crypto analyst expects altcoins to rally again in the final phase of the cycle . According to the crypto expert, this will last approximately one to three months . However, within the next five to six months, he expects Bitcoin to peak between USD 120,000 and 130,000, with a maximum of USD 200,000 , although he considers this to be speculative.
From the current price, this corresponds to a price increase of only 13.32 to 22.73% in the base case and 88.85% in the bullish scenario . However, compared to its overall gain, which according to CoinMarketCap is 170,883,652%, this is very small. However, significantly more is possible with the Bitcoin alternative BTC Bull Token.
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