Bitcoin (BTC) continues to navigate in a phase of consolidation, floating just above $ 113,000, so that investors remain uncertain about the next step of the BTC. This uncertainty has led to an analyst, known for accurate predicting of the BTC process during this cycle, suggests that a new bear market can be closer than many investors expect.
Bear market warning
In a recent after On social media platform X (formerly Twitter), the analyst, who has the name Doctor profit, was constantly trusting in his bearish prospects. Since he adopted a negative attitude in August, he has maintained that Bitcoin will probably reach $ 90,000 to $ 94,000.
Although he initially expected that this goal would be hit this month, he noted that the price spent an average of 77% of the time under his short position of $ 115,500. This has strengthened his belief in the validity of his analysis.
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Doctor profit emphasized that the critical test for BTC Concerns the range from $ 90,000 to $ 94,000. He predicts that this level will not only be tested, but there is a strong possibility that Bitcoin could break underneath, so that the end of the current bull market is effectively indicated.
Although the chance of a bear market is alarmingly high, the doctor’s profit insists that the confirmation depends on how Bitcoin responds within this main prize. He clarified that achieving this goal does not have to be done immediately, nor a temporary strout back to $ 116,000 or $ 117,000 Bearish thesis.
The analysts regards any upward price movements, such as the rise from the mid -September to $ 117,800, as purely opportunities to go into short positions at more favorable levels, instead of being signals of a new bullish catalyst.
4 important indicators for the Bitcoin price
Analytics platform Cryptoquant has identified Four critical indicators to view based on data from chains. The USDT market capitalization of Tether in particular has seen a significant increase of $ 10 billion in the last 60 days, which indicates a new liquidity of the market, which is usually a positive sign during bullish phases.
In addition, the Stablecoin Supply Ratio (SSR) RSI is currently 21, which indicates a “buy” signal. This metric assesses the purchasing power of Stablecoins in relation to the market capitalization of Bitcoin.
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Moreover, the number of accumulator addresses, which are portfolios that have made several purchases of the lead Cryptocurrency Without selling, a record high of 298,000 BTC has reached.
Conversely, the inter-exchange streamuls (IFP), which follows Bitcoin streams between spot and derivatives fairs, currently downwards and an indicator that is usually associated with Bearish market conditions.
Featured image of Dall-E, graph of TradingView.com