Crypto trader Dr. Profit has flipped from bullish to warning about Bitcoin’s correction phase. Recently, BTC has risen to around $126K, but the selling pressure from there is intense. Even though it has a 0.19% move over 24 hours, it’s been seeing significant declines over the past few weeks.

According to this crypto trader’s analysis, the current drop isn’t just a correction—it appears to be the entry point to an even larger sell-off. Outflows from big institutional investors like Grayscale and BlackRock have been confirmed, and in November, billions of dollars worth of Bitcoin flowed into exchanges in a short period of time. In Dr profit’s forecast, the next target could drop as far as $60,000.

Even in the 2021 cycle, his predictions were pretty accurate, so it might be worth keeping an eye on his current outlook. Judging by the market flow, bearish moves are indeed standing out.