Jakarta, Pintu News â Bitcoinâs (BTC) recent price drop has caught the attention of market analysts, with one leading analyst warning that the leading cryptocurrency could experience a significant drop to as low as $90,000 in the coming months.
Opening the month with Bitcoin dropping below critical support levels has left the market reacting cold, suggesting that many investors havenât fully realized how serious the situation is.
In a post on X (formerly Twitter), market analyst Dr. Profit highlighted the key price levels associated with different groups of holders: $115,600 for one million holders, $113,600 for three million holders, and around $107,000 for six million holders.
As Bitcoin (BTC) traded below all these thresholds on Monday, Dr. Profit pointed out that any new buyers are currently facing unrealized losses.
However, Dr. Profit warns against interpreting this lack of panic as a sign of stability. According to him, âthese investors havenât felt enough fear yet,â which suggests that market makers may continue to push prices lower until a true capitulation occurs.
The analyst emphasized that the $107,000 to $108,900 zone is the last strong line of defense for Bitcoin (BTC). If this level fails to hold, he predicts a quick move towards the $90,000 to $95,000 range.
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Dr. Profit also argues in his analysis that the current market sentiment is characterized by minimal fear and unrealized losses of only 0.5%, especially when compared to the more significant corrections of 30% or more seen in historical bear markets. He believes that the absence of panic among cryptocurrency holders suggests that many of them are still too comfortable, which could set the stage for a more severe market correction.
Furthermore, Dr. Profit noted the recent behavior of company insiders in the stock market, where over 200 insider trades allegedly took place, without a single purchase being recorded. If the insiders chose to sell their shares during a period of apparent strength, the analyst stated that this activity could be a sign of similar selling pressure in the Bitcoin (BTC) market and cryptocurrencies more broadly.
As market makers look to capitalize on these developments, Dr. Profit warns that these entities will likely apply pressure until most short-term traders are forced to sell at a loss.
Dr. Profit concluded by suggesting that the real pain for Bitcoin (BTC) holders is still to come, predicting that September will be a very unpleasant month as the market moves from denial to a more painful reality.
In conclusion, the current situation in the Bitcoin (BTC) market suggests that greater challenges lie ahead. Analysis from Dr. Profit shows that in the absence of strong support and changes in investor behavior, the market may experience further declines. This is a critical time for investors to closely monitor and make informed decisions based on changing market trends.
Also Read: Check out 4 US Economic Data that Potentially Affect the Crypto Market This Week!
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