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.
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.
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
