Famous crypto analyst, Doctor Profit, has once again predicted sideways movement for Bitcoin for the next week. As per him, BTC will continue trading between $60k and $70k and the super cycle will begin only when BTC will cross $74k. As per him, Bitcoin’s electrical cost is fluctuating between $65,000 and $75,000 over the past two weeks. In January, it was calculated by analysts that in order for miners to remain profitable, Bitcoin should be at $80,000. As per Doctor Profit, this is the primary reason why BTC is bound to cross $80k mark.

Sideways Movement in Crypto Market Leaves Traders Puzzled

The crypto market is always difficult to understand, some of its members are happy when Bitcoin costs 70 thousand, while they easily get concerned when it falls to $60k. As per the analyst, sideways movement is accumulation phase and a natural process for the market.

Unfortunately, this leaves retail traders puzzled as the movement seems confusing, and they get distracted from the top view patter that was observed in all the halving cycles. At the moment, Bitcoin has been in a sideways movement for approximately 80 days. This reflects many predictions made by some analysts. However, sideways can also be a very useful indicator: either it is the distribution or the process of accumulation.

Moreover, the analyst has tried to explain to panic sellers that sideways movement is not a sign of weakness, as significant developments are happening behind the scenes. The developments include accumulation of whales and the issuance of new USDT.

Bitcoin Poised for Super Cycle Amidst Healthy Volatility and Sideways Trading

Based on technical analysis and psychological observation, Bitcoin is in a pre-super cycle style, with healthy volatility and sideways movement in a certain price range. Hence, a breakout above $72,000 to $74,000 could mark the start of the super cycle. Meawhile, Bitcoin will most likely continue trading in the same range, waiting for the market makers to take decisive action.

The analyst has warned trader of volatility on Tuesdays and Wednesday as PPI and CPI data is to be released. Important events are unfolding behind the scenes to lay the groundwork for potential future bullish trends. Indeed, understanding these key facts is critical for anyone looking to operate rationally in the cryptocurrency space. Therefore, rather than seeing short-term price action, investors should pay attention to the larger picture.