Crypto Analyst Warns Bitcoin Decline May Deepen Before Bull Run Resumes

Bitcoin may be in for additional price turbulence before its bull market resumes, according to a well-known analyst in the cryptocurrency space. Known as Doctor Profit, the analyst previously foresaw Bitcoin’s sharp correction from its February high near $97,000 and now warns that the downturn may not be over just yet.

In a recent forecast, Doctor Profit noted that Bitcoin could fall further into the $58,000 to $68,000 range, where he has already begun placing initial buy orders. This outlook comes amid intense volatility, with Bitcoin dipping below $75,000 before rebounding strongly to trade around $82,000 — a 7% gain within 24 hours.

Key Levels and Indicators

Despite the recent rebound, the analyst remains cautious, pointing to broader short-term bearish signals. He emphasizes the importance of tracking the M2 money supply, which reflects the amount of liquid money in the economy. While some view rising M2 levels as bullish for Bitcoin, Doctor Profit believes such macroeconomic changes take time to influence market prices.

Critical support and resistance zones include:

$70,000 – $74,000: Watch for a daily close above this area, particularly near the “Golden Line” — the weekly 50-day moving average.
A failure to hold this range may lead to deeper losses, potentially down to the mid-$50,000s.

What Comes Next?

Looking forward, Doctor Profit anticipates the next major Bitcoin rally could kick off around May or June. If bullish momentum returns, he sees potential upside targets in the range of $120,000 to $140,000.

In the meantime, traders and investors are advised to monitor key price levels and macro indicators to determine whether Bitcoin continues to weaken or begins its next upward move.

For further details, please refer to the full article on TradingView News.

Key Levels and Indicators

What Comes Next?

Related posts: