Coin Edition -
- BTC trader Doctor Profit reported that the injection of funds into the crypto market will only happen in the worst-case scenario.
- They believe that CBDCs will replace the US dollar due to digitalization; regulated crypto will play an important role.
- Despite the current accumulation phase, the analyst is holding onto their investments.
Bitcoin expert and trader Doctor Profit recently shared a tweet from mid-march, arguing that CBDCs will ultimately replace the US Dollar.
My opinion on the market in the big time frame:Bitcoin bottom was in at $15.400. I dont believe we will visit this region again. If you watch the chart you would clearly see that $18.000 was indeed the bottom, I have been predicting since mid 2021. Dumping to $15.400 was the…— Doctor Profit (@DrProfitCrypto) April 24, 2023
According to his older statement, Bitcoin bottom was at $15,400, and it would not drop to that level again. As per him, the dumping to $15,400 was the full capitulation that took place, and BTC miners confirmed that it was one of the most brutal drops they had seen.
The analyst also shared that if the market allows Bitcoin to visit $20,000 again, it’d be a huge buy signal for those who missed out on accumulating in that region. Doctor Profit believed that the market is not in a bull run or bear market but in an accumulation phase.
Moreover, he had warned users against focusing on BTC’s recent pump and advised traders to closely monitor the correlation between China’s stock market and BTC. He also added that China would lift the ban and make crypto legal again, which is very bullish for Crypto in the bigger time frame. Finally, he shared that inflation was too high and rate hike increases were not over yet.
However, as per Doctor Profit’s recent updates, the injection of funds into the market has not happened yet and will only occur in the worst-case scenario. The FED balance sheet provides hope for investors and institutions, leading to an increase in dry powder. The unemployment rate is historically low, but the high credit card debt is a bad indicator to combat inflation. The housing market is predicted to collapse similarly to 2008, and the speaker believes that we are not currently in a bull market.
Additionally, the BTC expert believes that CBDCs will replace the US dollar in the future due to digitalization. Regulated crypto will also play an important role, but it is important to be careful with regulations that could negatively impact altcoins.
Doctor Profit mainly invests in Bitcoin and some altcoins. In their tweet, they emphasize the importance of being aware of the bigger picture of Bitcoin. Despite the current accumulation phase, they are holding onto their investments for the next bull run, which the BTC expert predicts will begin in a year and a half.
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