Bitcoin Faces Deeper Correction as Market Sentiment Shifts
In his latest Sunday report, crypto analyst Doctor Profit warns of a looming downturn in Bitcoin’s price, citing technical indicators and market psychology. After peaking at $116,000, Bitcoin has already dropped 8%, with further declines expected in the coming weeks.
The report highlights that short-term holders—those who purchased Bitcoin within the last six months are now sitting on unrealized losses, with cost bases ranging from $107K to $115K. Despite this, the market has yet to show signs of panic or capitulation, which Doctor Profit views as a precursor to a more significant correction.
He identifies the $107K–$108.9K range as a critical support zone. If breached, Bitcoin could fall to the $90K–$95K range, aligning with historical patterns where bull markets often experience 25% pullbacks.
Adding to the bearish outlook, Doctor Profit points to unusual activity in the stock market: over 200 insider trades were recorded last week, all of them sells. This, he argues, reflects broader risk-off sentiment that could spill into crypto markets.
The report concludes with a stark message: the market remains in denial, and September may usher in a wave of panic selling as pressure mounts on short-term traders.
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