Analyst Predicts Bitcoin's Next Buy Level Amid Bearish Outlook

Summary:
Crypto analyst Doctor Profit has indicated a buying opportunity for Bitcoin at around $86,000 while maintaining a long-term bearish perspective. He forecasts a potential bounce in Bitcoin's price and highlights the importance of risk management during this trading period.

Key Takeaways

Doctor Profit recommends buying Bitcoin at approximately $86,000 for a short-term relief bounce.
He predicts Bitcoin could reach $97,000 to $107,000 before facing another decline.
Despite this possible upswing, he maintains a bearish outlook, anticipating further price drops.
Investors are urged to exercise caution in light of potential instability in Bitcoin's price.
Current Bitcoin trading price is around $86,600.

Bitcoin

Doctor Profit’s Strategy for Accumulating Bitcoin

In a recent post on X, crypto analyst Doctor Profit shared his strategy for Bitcoin, stating he plans to buy BTC near $86,000 in anticipation of a short-term price recovery. He mentioned that he expects BTC to revisit the $97,000 to $107,000 range before experiencing another significant drop. This potential rise represents a 20% increase from current price levels, offering a favorable risk-reward scenario along with a tight stop loss.

Doctor Profit is not new to Bitcoin price predictions; he previously forecasted the top when Bitcoin traded near $126,000. He has expressed a long-term bearish sentiment on the cryptocurrency, anticipating further declines. Therefore, he aims to approach this opportunity with the utmost risk management.

His risk management strategy includes placing a stop loss at the entry point once he secures a solid profit, while keeping his current short positions open, entered at prices between $115,000 and $125,000. This long setup for Bitcoin is designed for a brief period, likely lasting just a few weeks, before the anticipated bearish trend resumes with lower price targets.

The Current State of Bitcoin: Bearish and Volatile

Doctor Profit has characterized Bitcoin’s current state as “extremely unstable and bearish” in the mid-term. He noted the possibility of a rapid price decline occurring at any moment, even before BTC reaches the anticipated $97,000 to $107,000 zone. A swift and deeper sell-off is a real concern, hence, he advises buyers to exercise maximum caution.

He reiterated that his short positions are still active, viewing any upward movement as an opportunity for market distribution and a chance to prepare for the next downturn. The key target for Bitcoin remains at the $70,000 level. Should Bitcoin approach the $97,000 to $107,000 range, he plans to take full profits on this position and reinvest those profits into his short position.

Meanwhile, crypto analyst Ali Martinez has warned about the importance of Bitcoin maintaining the $87,000 level. Failure to do so could lead BTC to drop as low as $70,000. This warning comes as Japan is poised to raise interest rates this week, adding to Bitcoin's uncertainty.

At the time of this report, Bitcoin's price stands at approximately $86,600, reflecting a rise in the past 24 hours, according to CoinMarketCap data.

Bitcoin BTC trading at $86,469 on the 1D chart | Source: BTCUSDT on Tradingview.com