Recently, renowned cryptocurrency analyst Doctor Profit shared his latest market report. He had predicted the arrival of the bear market well before the market crash and is patiently waiting for Bitcoin (BTC) prices to fall to their bottom range, which he expects to be between $35,000 and $40,000. He also forecasts a brief false rally in the market, anticipating that BTC's price will rise from $60,000 to $80,000, taking advantage of this surge to engage in long trades for profit.
He emphasized that once BTC reaches $76,200, he will close half of his long positions and set his stop-loss at the entry price to ensure he locks in 50% of the profits. He reiterated that while the probability of hitting $76,000 is high, the chances of reaching $79,000 to $84,000 are relatively low. Therefore, he advises investors that profit-locking zones are crucial in the volatile crypto market and should be reassessed regularly.
Regarding his bearish outlook on Bitcoin, Doctor Profit stated that he will continue to hold short positions and is prepared to increase his holdings if BTC prices exceed $80,000. He also revealed that he expects a significant drop in the coming weeks, believing that this decline is imminent. Additionally, the S&P 500 index is predicted to crash in the next two months, with a potential drop of over 35%. Notably, the S&P 500 fell by 34% during the COVID black swan event.