Analyst Warns Bitcoin Bear Market Possible if $90,000 Level Breaks
Bitcoin (BTC) is in a consolidation phase above $113,000, causing investor uncertainty. An analyst known as Doctor Profit suggests a potential bear market, predicting BTC to hit the $90,000-$94,000 range. His bearish stance has been consistent since August, reinforced by BTC spending 77% of time below his $115,500 entry point.
Bear Market Warning
- Doctor Profit anticipates BTC will test and possibly fall below the $90,000-$94,000 range, potentially ending the current bull market.
- Although a temporary rise to $116,000 or $117,000 might occur, it doesn't invalidate his bearish view.
- He considers upward movements opportunities for short positions rather than bullish signals.
4 Key Indicators For Bitcoin Price
- CryptoQuant notes Tether's USDT market cap increased by $10 billion in 60 days, indicating new liquidity.
- The Stablecoin Supply Ratio (SSR) RSI is at 21, suggesting a "buy" signal.
- Accumulator addresses reached an all-time high of 298,000 BTC, reflecting ongoing interest.
- The Inter-Exchange Flow Pulse (IFP) shows downward trends, commonly linked with bearish conditions.
