Fuel

bullish

Bitcoin

Resistance

Optimism

<ul>
  
 <li>Bitcoin may reach $586K by 2028, driven by M2 money supply, lost BTC, and black market inflows, according to Doctor Profit.</li>   
 <li>Bitcoin's current price range of $65K-$66K is critical; flipping $68K could signal a bullish trend towards new highs.</li>   
 <li>Doctor Profit predicts several 25-40% corrections, but Bitcoin’s long-term structure remains bullish with targets set at $586K.</li> 
</ul>   
<p>An estimate by a popular cryptocurrency analyst Doctor Profit predicted that Bitcoin would hit $586,500 by 2028. <a href="https://cryptonewsland.com/monitoring-m2-liquidity-and-vixnavigating-bitcoin-movements-in-september/" target="_blank" rel="noreferrer noopener sponsored nofollow">Using the M2 money supply</a>, gold flows, and inflows into the black market as its bases, his theory projects a rise in Bitcoin over the course of the next few years.&nbsp;</p>   
<p>According to his prediction, the money supply would have increased from $21 trillion to $33 trillion by 2028, a 58% increase, giving Bitcoin plenty of potential to flourish. Things might get worse, if Bitcoin's $8 trillion market value crashes to its lowest point, up to 6 million units could be lost and more could be purchased on the illegal market.</p>   
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   https://twitter.com/DrProfitCrypto/status/1840443009751818539 
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<h3 class="wp-block-heading" id="h-short-term-bitcoin-resistance-and-support-levels"><strong>Short-Term Bitcoin Resistance and Support Levels</strong></h3>   
<p>A technical analysis of the price movement of <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> highlights levels of short-term support and resistance. In terms of the cryptocurrency's future course, the current $65,000–$666,000 price range is crucial.&nbsp;</p>   
<p>Bitcoin's bullish continuing towards new highs will be validated if it can turn around and break over the $66,000–$68,000 zone. But if it can't stay above $64,600, there will probably be a correction, which might push Bitcoin back below $60,000.</p>   
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 <img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXehbDGmeTIcx1u2V74D3QAyjzQi9fkDz1_WtB_2M5-JstsPcqLgKaoN0MaU08Jaov-76jVqfIGw4DOqWEn7Y-2wNQwd0KpUlgRbyvrUm9Wrl-tiExCt425eDjG70Gzvkfrl8tCKblgyWB3yVl22zdZ4OBID?key=oVCl4yZrQBJfA1YFKLkPAw" alt="">
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<p>Trading enthusiasts are also keeping an eye out for probable retreats to important support levels, such $60,590 and $61,786. Since corrections of 25–40% are beneficial for long-term growth, a regression to these levels would not always signify a bear market. However, an upward momentum might be started if Bitcoin is able to break above $68,000 and continue to fall below greater lows.</p>   
<h3 class="wp-block-heading" id="h-bullish-market-structure-and-long-term-growth"><strong>Bullish Market Structure and Long-Term Growth</strong></h3>   
<p>Furthermore, according to the analysis, the long-term market structure of Bitcoin is still positive, with higher lows expected to occur around $52,500. This change suggests that the trend may be reversing, which is consistent with Doctor Profit's prediction of continuous growth through 2028.</p>   
<p>Because of this, investors are urged to concentrate on long-term goals rather than short-term swings, since it is expected that <a href="https://cryptonewsland.com/will-bitcoin-btc-experience-another-bull-run-in-2023/" target="_blank" rel="noreferrer noopener sponsored nofollow">Bitcoin will experience multiple corrections</a> on its route to $586,000.&nbsp;</p>   
<p>Although Bitcoin will likely encounter short-term resistance, the market's overall view is still positive. With the money supply expanding and BTC disappearing, Bitcoin may hit unprecedented heights in the next years.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoins-path-to-586500-money-supply-and-market-trends-fuel-optimism/">Bitcoin’s Path to $586,500: Money Supply and Market Trends Fuel Optimism</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Bitcoin’s Path to $586,500: Money Supply and Market Trends Fuel Optimism

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