The Bitcoin price opened Monday with a slight recovery, reclaiming the $113,000 mark after a dip that brought the price down to $109,000—a level that has proven to be significant support for the top cryptocurrency. Despite this temporary bounce, one expert warns of further challenges ahead for bullish investors.
Warns Of Further Bitcoin Price Drops
In a recent post on social media platform X (formerly Twitter), Doctor Profit expressed confidence in his market analysis, indicating that BTC is on track to reach his projected target range between $90,000 to $94,000, meaning an additional 20% drop for the Bitcoin price.
He posited that the cryptocurrency is poised to move toward a new short-term downside target at approximately $106,000. According to his assessment, a minor bounce in this area could attract additional liquidity before the market potentially moves lower.
Doctor Profit also paints a bleak picture of the broader economic landscape, highlighting troubling signs such as Japan’s 10-Year Bond Yield reaching its highest level since the Global Financial Crisis.
He notes that the repo-to-reserves ratio is approaching 99%, a metric that hints at funding stress and margin strain, leading to forced selling. While he acknowledges that a surge in liquidity from central banks could provide a bullish pivot, he remains skeptical given the current market conditions.
The analyst also referenced a range of indicators and charts he has shared since August, emphasizing that many key market charts, including the Dow Jones, are at significant resistance levels, some of which have formed over a century.
He pointed out the record levels of alleged insider selling witnessed in recent weeks, alongside a surge in retail investor inflows, suggesting a disconnect between retail enthusiasm and the actions of larger players in the market.
October Could Signal Recovery
In contrast to Doctor Profit’s cautious stance, market expert Timothy Peterson offers a more optimistic outlook for the Bitcoin price trajectory in the months to come. Peterson believes that October could bring a positive shift for Bitcoin, drawing on historical trends and current market dynamics.
As recently reported by NewsBTC, Peterson has outlined two potential bullish scenarios that he believes remain for the cryptocurrency: one forecasting a rise to as high as $240,000, while another more conservative estimate suggests a surge to $160,000.
As the month of September draws to a close, Doctor Profit’s prediction that Bitcoin would trade below $100,000 could still play out. With only a 9% decline needed to breach the $100,000 threshold, the outlook remains uncertain.
Featured image from DALL-E, chart from TradingView.com
