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I was following an interesting analysis by Doctor Profit about Bitcoin. This cryptocurrency trader known for his accurate predictions is pointing to a very different scenario than what many people expect.
Doctor Profit had predicted the 2021 peak near $68,000 and is now analyzing the current cycle. The thing is, after that peak of $125,000, Bitcoin retraced quite a bit. In recent days, we saw significant drops, around 8.4% in 24 hours and over 17% in two weeks. Nothing comfortable for those who are long.
What draws attention in Dr. Profit's perspective is that he sees this as the first phase of a much deeper correction. The next target he's monitoring is $60,000. Does it seem pessimistic? Maybe, but the guy has a track record of accuracy.
On-chain data is also signaling interesting movement. Grayscale and BlackRock had significant Bitcoin outflows, with more than $3 billion dollars moving to exchanges in just 45 minutes on November 20th. This usually indicates selling pressure.
Currently, Bitcoin is priced at $77.54K, but the question remains: will Doctor Profit's scenario be confirmed or will the market find support beforehand? It's worth keeping an eye on this analysis from Dr. Profit Crypto in the coming days.