Bitcoin, the largest cryptocurrency in the world, started the new week with a sharp decline to $115,193, down nearly 3% from yesterday's peak of $118,000. However, according to renowned cryptocurrency analyst Doctor Profit, this drop is not surprising as he predicted a short-term decline, and the market is unfolding as he anticipated.

BTC Struggles to Break Through $116,000

After dropping to $115,000, Bitcoin is currently stuck in a narrow range. The battle between buyers and sellers is becoming more intense as BTC struggles to break through the important resistance level of $116,000. According to analyst Doctor Profit, this level is acting like a wall. Each time Bitcoin approaches this threshold, sellers quickly push the price lower.

This $116,000 mark is not just a mere number. If Bitcoin can break through this level, momentum could build for a larger price increase. But if it continues to fail, the bears may regain control and push prices lower.

Doctor Profit calls this the 'make or break' zone for Bitcoin in the short term.

Therefore, Doctor Profit expects the next two weeks to be almost sideways, with Bitcoin oscillating in a narrow range of 8%. He calls this period the 'calm before the storm.' However, his outlook for September is much gloomier, warning that it could become 'a very dark month' for cryptocurrency.

History Shows a Volatile September for Bitcoin

However, history seems to support his view. Data shows that in 8 out of 12 times, Bitcoin ended September with a loss, averaging a return of -3.77%. This pattern closely aligns with Doctor Profit's prediction of a significant upcoming correction.

Doctor Profit's Strategy for September

Doctor Profit has outlined a strategy for next month, and it is very simple. Prepare for a correction, short-sell when Bitcoin reaches the top of the current range, and then buy back at a lower price after the price drops.

He also notes that selling now and buying back in September could be a wise decision, as lower prices may provide investors an opportunity to accumulate more Bitcoin with the same amount of money.

Macroeconomic Events May Add More Fuel

Additionally, this week there are several important events in the United States, including the Trump-Zelensky meeting, the minutes of the Federal Open Market Committee (FOMC) meeting, jobless claims, and Jerome Powell's speech. Therefore, each of these outcomes could have a significant impact on the cryptocurrency market, either accelerating or delaying the correction.