The cryptocurrency analyst Doctor Profit gained fame for making several almost perfect predictions for the price of Bitcoin. He predicted Bitcoin's drop from $109,000 and then identified a bottom at $77,000, forecasting that the price of $BTC would rise to new historical highs, which indeed happened. Now, with the price of Bitcoin retreating after reaching a new high above $111,000, the analyst is back with the next steps and where the cryptocurrency may be heading.
In his post on X, Doctor Profit begins by explaining the psychology of the current market, criticizing those who continue to predict a bear market. He refers to these people as 'exit liquidity' for the real players, implying that they are wrong in their position. Instead, he highlights an important formation on the Bitcoin price chart, which is the Golden Cross, that appeared last week. The analyst calls the appearance of this Golden Cross 'a macro-level signal with historical accuracy.' He explains that, since this signal is so rare but has always been correct, there is no reason to deviate from it.
After the Golden Cross pattern appeared, another concerning development occurred on the Bitcoin price chart, which is a bearish divergence on the weekly timeframe. Normally, this means the end of the rally and that the price may start to fall. However, the cryptocurrency analyst seems unfazed by this. He refers to a similar bearish divergence that appeared when the price of Bitcoin was at $80,000 and nothing happened. Since the cryptocurrency continued its rally at that point, the analyst interprets this as a hint that the bearish divergence is delayed and only appeared due to Donald Trump's tariff announcement last week.
So far, Doctor Profit attributes the decline in the price of Bitcoin to the 'standard cycle behavior.' This includes profit-taking by short-term holders who bought in the last six months, while long-term holders remain unchanged. Another bullish factor includes the fact that BlackRock's withdrawals remain low despite Trump's renewed tariff war. Formations on the Bitcoin price chart that show bullish trends include a Cup and Handle pattern on the daily chart that places the breakout zone between $113,000 and $115,000. Furthermore, the price of Bitcoin has been recording higher highs and lows after hitting a bottom at $74,000, which shows bullish trends.
