Bitcoin’s Next Move: $92,000 Dip or New ATH? Expert Weighs In

Bitcoin’s price continues to hover above $108,000, showing resilience despite minor pullbacks. While CoinGecko reports an intraday high of $109,116, the price has since retreated slightly. Volatility has remained surprisingly subdued above $106,000. However, renowned crypto analyst Doctor Profit sees a bullish future, outlining two potential scenarios.

Scenario 1: Bull Flag Breakout and Correction

Doctor Profit’s first scenario predicts a breakout to $113,000-$114,000, establishing a new all-time high. However, this surge would be short-lived. A significant correction to $92,000-$93,000 is anticipated to fill a CME gap and tap into substantial liquidity. This isn’t viewed as bearish, but rather a healthy retracement before further gains.

Doctor Profit’s chart clearly indicates this potential pullback zone, suggesting, “Add more if market allows.” The analyst believes this dip would reset the market, fueling another rally towards $120,000.

Scenario 2: Direct Rally to $120,000

The second, more aggressive scenario bypasses the correction entirely. Bitcoin would break through resistance, surpassing $113,000 and continuing its upward trajectory to $120,000 without a significant retracement. This requires strong, sustained momentum.

Addressing Market Concerns

Doctor Profit dismisses concerns surrounding the recent movement of a large dormant Bitcoin wallet, suggesting it was likely an over-the-counter transaction and not indicative of impending sell pressure. Upcoming economic events, including FOMC meeting minutes and unemployment claims, are expected to have minimal impact on price volatility.

The Crucial Level

The $113,000-$114,000 range is paramount. The market’s reaction—a sharp correction or a direct continuation—will dictate the pace of the next leg toward $120,000. As of this writing, Bitcoin is trading at $108,270.

Featured image from Pixabay, chart from Tradingview.com