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I just reviewed the analysis recently released by Doctor Profit on Bitcoin, and honestly his predictions always catch my attention. He had already been quite accurate with the 2021 peak around $68,000, so when he speaks, the community listens.
Now Doctor Profit is quite bearish after Bitcoin hit $125,000. According to his analysis, this would only be the start of a stronger correction, with a target of $60,000. Looking at the chart, Bitcoin has fallen 8.4% in 24 hours and over 17% in two weeks, which somewhat supports his pessimistic view.
The interesting thing is that on-chain data also paints a similar picture. Grayscale and BlackRock moved over $3 billion in Bitcoin to exchanges in just 45 minutes on November 20. That’s quite a bit of institutional movement. Currently, Bitcoin is around $78,280, so if Doctor Profit is right, there’s still some room to fall.
I don’t know if it will exactly reach $60,000, but there are definitely signs of selling pressure. It’s worth closely following what Doctor Profit comments on these movements.