In the midst of pessimism gripping the crypto market and Bitcoin, renowned crypto analyst and trader, Doctor Profit, has made a bold prediction. He forecasts that Bitcoin will rebound to the crucial level of US$70,000 in the coming days, sparking optimism within the crypto community.

Bitcoin Rebound Potential

Bitcoinist reports that Doctor Profit's analysis is based on a bullish price formation indicating an upcoming positive reversal. He shared this optimistic prediction in his latest Big Sunday report, which quickly garnered attention.

According to Doctor Profit, not much has changed since his last Big Sunday report where he identified the persistent sideways movement in BTC's price. However, he highlights the falling wedge pattern emerging on smaller timeframes and daily charts. This pattern, which typically signals a strong upward breakout, suggests that US$70,000 could be the next target for Bitcoin.

Confidence in Falling Wedge Pattern

Despite recent price declines and widespread pessimism, Doctor Profit is confident that Bitcoin will revisit the US$70,000 level. The falling wedge pattern supports his conviction as it often signifies a significant rally.

Moreover, this development aligns with a liquidity cluster between the price levels of US$70,000 and US$72,000. For the first time in weeks, funding rates appear strong and stable, while the Long and Short ratios on exchanges are balanced.

Doctor Profit also points out strong fundamental indicators on the Bitcoin chart and on-chain data supporting his predictions of significant price increases in Q3 and Q4 of this year.

However, he notes some bearish trends on smaller timeframes, causing Bitcoin to lose some crucial support lines, including MA100, MA20, MA50, and daily EMA100.

"MA50, a key bullish market indicator, dipped on Tuesday, June 18, and two days later, BTC rose towards the MA50 level, only to bounce off US$66,519," stated Doctor Profit.

As a result, he is closely monitoring the potential breakout from this pattern on the daily chart and the breakout from the MA50 level.

If such a breakout occurs, Doctor Profit believes it could lead to a stronger rally than before, potentially pushing Bitcoin above the US$72,000 level in the short term.

However, considering Bitcoin's recent sideways movements, he does not anticipate significant price changes before Q3. Therefore, he urges investors to monitor the MA50 level diligently and any potential breakthrough from the falling wedge formation.

In a previous Big Sunday report, Doctor Profit hinted at a liquidity pool forming around US$64,400. Now, he warns that this level has been reached, and there is scarce liquidity left to be drawn from the downside.