Bitcoin’s $90,000 Level Holds Key To Preventing A New Bear Market, Top Analyst Says

Bitcoin (BTC) continues to navigate a phase of consolidation, hovering just above $113,000, leaving investors uncertain about the BTC’s next ￰0￱ uncertainty has led one analyst, known for accurately predicting BTC’s trajectory during this cycle, to suggest that a new bear market may be closer than many investors ￰1￱ Market Warning In a recent post on social media platform X (formerly Twitter), the analyst, who goes by the name Doctor Profit, expressed ongoing confidence in his bearish ￰2￱ adopting a negative stance in August, he has maintained that Bitcoin is likely to reach the $90,000 to $94,000 ￰3￱ he initially expected this target to be hit this month, he noted that the price has spent an average of 77% of the time below his short position entry point of $115,500.

This has reinforced his belief in the validity of his ￰4￱ Reading: Solana Gaining Ground On Ethereum: These Key Metrics Show Colossal Growth Doctor Profit emphasized that the critical test for BTC involves the $90,000 to $94,000 ￰5￱ predicts that not only will this level be tested, but there is a strong possibility that Bitcoin could break below it, effectively signaling the end of the current bull ￰6￱ the probability of a bear market is alarmingly high, Doctor Profit insists that confirmation hinges on how Bitcoin reacts within this key price ￰7￱ clarified that reaching this target does not need to happen immediately, nor does a temporary bounce back to $116,000 or $117,000 invalidate his bearish ￰8￱ analyst views any upward price movements, such as the mid-September surge to $117,800, as mere opportunities to enter short positions at more favorable levels, instead of being signals of a new bullish catalyst. 4 Key Indicators For The Bitcoin Price Analytics platform CryptoQuant has identified four critical indicators to watch based on on-chain data.

Notably, Tether’s USDT market cap has seen a substantial increase of $10 billion over the past 60 days, signaling fresh liquidity entering the market, which is typically a positive sign during bullish phases. Moreover, the Stablecoin Supply Ratio (SSR) RSI currently sits at 21, which indicates a “buy” ￰9￱ metric assesses the buying power of stablecoins in relation to Bitcoin’s market ￰10￱ Reading: Ethereum Founder Dumps Billions In These Meme Coins, Is This A Repeat Of Shiba Inu In 2021? Additionally, the number of accumulator addresses, which are wallets that have made multiple purchases of the leading cryptocurrency without selling, has reached an all-time high of 298,000 BTC.

Conversely, the Inter-Exchange Flow Pulse (IFP), which tracks Bitcoin flows between spot and derivatives exchanges, is currently trending downward—an indicator commonly associated with bearish market ￰11￱ image from DALL-E, chart from ￰12￱