- Bitcoin climbed 3.21% to $87,556, accompanied by a surge in trading volume to $26.48 billion.
- Doctor Profit sees $77,000 “Golden Line” as key support, $85,200 “Hammer Line” as resistance.
- Macroeconomic factors and liquidity boosts could drive it above resistance for new highs.
Bitcoin surpassed the $87,000 level on Sunday, April 20, and is currently priced at $87,556. The asset has posted a 3.21% gain over the last 24 hours, with trading volume doubling to $26.48 billion. This comeback follows a correction earlier this April that pulled prices down to $74,000, which some analysts had forecasted as a healthy cooldown in an otherwise strong rally.
Doctor Profit, a well-followed crypto analyst, shared fresh insights via X, on what the market might expect from Bitcoin in the coming weeks. He went back to a forecast made a month ago that outlined two possibilities. One was a dip to the $70,000–$74,000 range, which has already materialized. The other was a rare, more severe plunge—what he called a “Black Swan” scenario—that could bring it down to somewhere between $50,000 and $60,000.
He emphasized the importance of the “Golden Line,” now at $77,000, which he views as a line of defense. Since early 2023, this level has acted as a stronghold during Bitcoin’s upward trend. As long as Bitcoin holds above this line, Doctor Profit ruled out the chance of a steep crash.
Bitcoin Movement Hinges on Key Levels
Currently, Bitcoin’s price action is bumping up against what Doctor Profit terms the “Hammer Line.” This level has historically served as a ceiling, triggering immediate pullbacks whenever Bitcoin tried to climb past it. The analyst remains cautious but open to two possible moves. If it manages to break above the Hammer Line, he will close his short position, which began at $90,000, while holding on to his existing spot positions taken at $77,000.
In the event of another dip, Doctor Profit is prepared to double down on his investments. He has already placed limit orders to buy more Bitcoin at the Golden Line, expecting the level to offer a solid buying opportunity if the price pulls back.
The expected short-term movement, he said, would likely be sideways, with Bitcoin staying between the Hammer Line and the Golden Line—roughly a range from $77,000 to $85,200. However, Sunday’s surge pushed it above the Golden Line, and its next step depends on whether it can stay there in the coming days.
Global and Economic Tailwinds Offer Hope
Several macroeconomic indicators are pushing a bullish outlook further into focus. Doctor Profit highlighted developments such as potential US-China agreements, discussions on interest rate cuts by the Federal Reserve, and a rising M2 liquidity supply as factors that could boost investor sentiment and market performance.
In the mid long term, he believes Bitcoin is more likely to rise past the Hammer Line than it is to fall below the Golden Line. However, he issued a warning for traders navigating between the two levels, calling it a “forbidden zone” due to the unpredictability and risk that come with trading in that price band.
A decisive move above the Hammer Line could confirm the end of correction phase and set the stage for fresh record highs. On the other hand, if it breaks down below the Golden Line, it could be a signal of shifting market sentiment and the beginning of a more significant downturn.
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