Bitcoin (BTC) remains in a period of consolidation, trading just above $113,000, which has left investors questioning the next steps for BTC. This uncertainty has prompted one analyst, known for his accurate predictions during this cycle, to indicate that a new bear market might be closer than many investors expect.
Bear Market Alert
In a recent social media post on platform X (formerly Twitter), the analyst known as Doctor Profit reiterated his bearish outlook. Since taking a negative stance in August, he has consistently predicted that Bitcoin could dip to the $90,000 to $94,000 range.
Initially, he anticipated hitting this target this month, but he pointed out that the price has spent about 77% of the time below his short position entry of $115,500. This observation has strengthened his confidence in his analysis.
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Doctor Profit stressed that Bitcoin’s key test lies within the $90,000 to $94,000 range. He foresees not only a test at this level but also a strong chance that Bitcoin may fall below it, potentially signaling the close of the current bull market.
Although the likelihood of a bear market is quite high, Doctor Profit maintains that confirmation depends on Bitcoin’s behavior within this crucial price zone. He made it clear that reaching this target doesn’t need to happen right away, nor does a temporary bounce back to $116,000 or $117,000 invalidate his bearish thesis.
He sees any upward price movements, like the mid-September surge to $117,800, as mere opportunities to leverage short positions at more advantageous levels rather than signs of a new bullish trigger.
4 Key Indicators For The Bitcoin Price
The analytics platform CryptoQuant has identified four important indicators worth monitoring based on on-chain data. Notably, Tether’s USDT market cap has risen by $10 billion over the last 60 days, indicating new liquidity entering the market, which is generally seen as a positive sign during bullish trends.
Additionally, the Stablecoin Supply Ratio (SSR) RSI is currently at 21, presenting a “buy” signal. This metric evaluates the buying power of stablecoins in relation to Bitcoin’s market cap.
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Furthermore, the number of accumulator addresses—wallets that have made several purchases of the leading cryptocurrency without any sales—has reached a record high of 298,000 BTC.
In contrast, the Inter-Exchange Flow Pulse (IFP), which monitors Bitcoin flows between spot and derivatives exchanges, is currently declining—an indicator typically linked to bearish market conditions.
Featured image from DALL-E, chart from TradingView.com
