2023-10-9 09:30 |
Leading cryptocurrency analyst Dr. Profit has provided his latest insights into the price movements of Bitcoin. In his weekly market report, Dr. Profit noted that Bitcoin experienced significant volatility over the past month, with the price rising to around $28,600 before pulling back sharply.
According to Dr. Profit, the move to $28,600 aligned perfectly with his long trade recommendation made a month ago when Bitcoin was trading around $25,000. The subsequent sell-off also allowed him to capitalize with a well-timed short trade that is already profitable.
Looking ahead, Dr. Profit is keeping a close eye on the 100-day moving average, which is currently acting as resistance. He sees the potential for market makers to push the price above $28,700 to grab liquidity, and has limit orders ready for short positions in this area.
The next major downside target is the $26,950 region, where Dr. Profit sees significant liquidity resting. However, he does not believe the decline will stop there, stating “the market is strong bearish and I am aiming for $25,200 region in the short to mid-term.”
In the big picture, Dr. Profit remains confident the bull market has not started yet, eyeing the $20,000 to $23,000 zone as the final bear market low before the next sustained uptrend. He cautions against getting overly optimistic on headlines about a Bitcoin ETF or bullish pumps, which he sees as traps by market makers.
Information leaks related to the SEC and Binance battle suggest potential negative news for Binance that could impact BNB prices. Dr. Profit recommends monitoring BNB in addition to Bitcoin.
Our team wrote about BNB’s potential struggles last week.
With key inflation data due out of the US and China this week, Dr. Profit believes the markets have not fully priced in the likelihood of further Fed rate hikes. He firmly asserts “the bull market has not started yet” and more fear needs to enter the market before conditions align for the next bull run.
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