Doctor Profit's Bitcoin Forecast: $60,000 Downside Target After Hitting $126,080 Peak

Navigating the Current Market Pullback

Renowned crypto analyst Doctor Profit has presented a pessimistic assessment of Bitcoin’s near-term trajectory following its recent peak near $126,080. The trader, who successfully called the 2021 bull run top around $68,000 and accurately predicted the current cycle’s maximum, now suggests further downside pressure ahead.

The recent price action has been concerning for bulls, with Bitcoin experiencing an 8.4% decline over the last 24 hours and a steeper 17% drop across the past two weeks. Doctor Profit interprets this pullback as merely the initial phase of a more significant correction, with his primary downside target positioned at $60,000.

Chain Analytics Signal Institutional Repositioning

Adding weight to the bearish narrative, on-chain metrics reveal substantial capital movements from major institutional players. Both Grayscale and BlackRock have recorded significant outflows, with approximately $3 billion in Bitcoin transferred to exchange wallets within just 45 minutes on November 20. Such large-volume fund movements often correlate with profit-taking or strategic repositioning at market peaks.

What This Means for Traders

Doctor Profit’s track record of accurately forecasting Bitcoin’s major turning points lends credibility to his current analysis. The convergence of technical resistance levels, institutional fund flows, and the trader’s historical accuracy suggests the $60,000 level warrants close monitoring as a potential support zone in a continued downtrend scenario.