Analyst who correctly predicted Bitcoin's drop unveils a new scenario!

After Bitcoin fell from the $88,000 range to near $80,000, the analyst who had earlier warned about this correction has returned with a new scenario for the market's future. Doctor Profit, a well-known digital currency analyst with over 500,000 followers on X, believes the recent decline [...]

After Bitcoin fell from the range of $88,000 to close to $80,000, the analyst who previously warned about this correction is back with a new scenario for the future of the market. Doctor Profit, a well-known digital currency analyst with more than 500,000 followers on the X social network, believes that the recent drop in Bitcoin does not necessarily signal the end of the bullish trend, and the conditions for the market's next move are forming.

In his new analytical post on X (X), this analyst announced that after the price of Bitcoin fell to $80,300, he closed all his selling positions with profit and bought again in the spot market. Having previously profited from the price decline, he is now not waiting for further correction and believes there is an important price range in Bitcoin's path, crossing which could determine the short-term future of the market.

In this article, we examine the details of Dr. Proffitt's new prediction, the reasons for his change of position, and the key levels of Bitcoin's price.

From predicting the rise to $88,000 to hunting for a market correction, Dr. Proffitt mentioned his previous predictions in explaining his recent trades. According to him, when Bitcoin was in the range of $60,000, he made a purchase and set a target of $88,000 for it. He also predicted that Bitcoin's break above the $82,500 level could confirm the end of the bear market and pave the way for Bitcoin's rapid ascent to $88,000.

After the price reached the $88,000 range, the analyst prepared for a possible correction instead of waiting for further growth. He claims to have opened his short position near $86,200 and placed other sell orders in the range of $86,500 to $89,500. Of course, he emphasized that he made these transactions with the aim of profiting from a correction in the heart of the bullish market and did not expect the start of a new bearish market.

According to Dr. Proffitt, after Bitcoin fell to $80,300, he closed all his short positions at $80,600 with profit. He also announced that he bought bitcoins again at the same price and increased his stock in the spot market.

What were the signs of Bitcoin correction?

Dr. Proffitt explained in his report that his decision to enter sell trades was not just because the price of Bitcoin reached the $88,000 range. According to him, several signs in the daily chart strengthened the possibility of price correction, the most important of which were: the downward divergence of the relative strength index (RSI): the most important warning sign in the opinion of this analyst, which indicated the possibility of a decrease in the power of buyers and price correction.

Divergence in the MACD and Percent Price Oscillator (PPO) indicators: signs that strengthened the possibility of a weakening of the upward movement of Bitcoin.

Divergence in the Money Flow Index (MFI): Another sign that, he said, warned of a continuation of the bullish trend.

A decrease in the strength of the trend in the directional average index (ADX): a sign of a weakening of the market trend, which increased the possibility of a price correction.

According to Dr. Proffitt, the set of these signs indicated that Bitcoin may enter a correction period after reaching the $88,000 range. Because of this, he decided to prepare to open short positions instead of waiting for the price to continue to grow.

Bitcoin's next goal is $94,000; What condition must be fulfilled?

The most important part of the new report of this famous Twitter analyst is dedicated to predicting the future price of Bitcoin. He has now announced the next target of $94,000 and believes that the recent correction can be the basis for the next upward wave of the market.

However, the realization of this scenario depends on the price breaking through an important resistance range. According to him, Bitcoin should regain the range of $86,000 to $89,000. This is the same area he used earlier to open sell positions.

Explaining his new scenario, Dr. Proffitt wrote: "This time, I think we will see Bitcoin accumulate in the range of $86,000 to $89,000 instead of selling pressure, and this is the point where resistance turns into support."

He has also emphasized that he is no longer waiting for the price to drop to $79,000 and has focused on the next upward move.

Therefore, from this analyst's point of view, the recent correction of Bitcoin is not a sign of the beginning of a new bear market, but it can be the basis for a rise to $94,000. Of course, the realization of this prediction depends on the price passing through the upcoming resistances.

Dr. Proffitt also emphasized his bullish outlook in a recent tweet. Noting that Bitcoin's bear market began a year ago, he wrote that, as he predicted in the summer, the trend is now over. This comment shows that he still sees the recent correction as part of an uptrend in the market.

Is Bitcoin ready for the next bullish wave?

Overall, Dr. Proffitt's new analysis shows that he is still optimistic about the continuation of Bitcoin's upward trend and sees the recent correction as a buying opportunity. However, the $86,000-$89,000 range is the most important obstacle on the way to the $94,000 target. If Bitcoin can break through this area and turn it into support, the analyst's bullish scenario will be strengthened. On the other hand, the inability to overcome this resistance can challenge the realization of his prediction.