The market’s leading cryptocurrency, Bitcoin (BTC), has recently attempted to stabilize around $112,000 after experiencing a sharp decline to $110,000 on Sunday, meaning a 10% drop from all-time high (ATH) 0 of the Federal Reserve’s (Fed) September meeting, market expert Doctor Profit highlighted on X (formerly Twitter) the upcoming implications and the most important technical indicators that paint a bleak picture for Bitcoin (BTC) and the broader 1 Rate Cut To Trigger A New Market Correction? Doctor Profit emphasized that the current market environment is markedly different from previous 2 believes that the anticipated rate cut by the Fed next month could initiate a robust correction in both stocks and 3 to him, the first significant cut typically brings uncertainty, leading to divergent opinions among investors, and he predicts that this time will be no 4 Reading: Ethereum Whale Demand Surges On Binance As Price Nears $5,000 Turning to Bitcoin’s technical indicators, the outlook appears 5 expert noted a substantial Chicago Mercantile Exchange (CME) gap around the $93,000 mark that needs addressing, with most liquidity concentrated in the $90,000 to $95,000 6 charts indicate a potential correction, highlighted by a double top formation and declining trading volume.
Notably, Doctor Profit has asserted that the last price surge that saw BTC reach $124,000, was largely driven by futures rather than spot market activity, reinforcing the bearish 7 Price Forecast Market psychology plays a crucial role in this analysis. On-chain metrics and sentiment indicators reveal that retail investors often buy high and sell 8 expert disclosed that during Bitcoin’s last dip from $110,000 to $98,000 between May and June of this year, it was primarily institutional investors who capitalized on the lower prices, while retail buyers missed 9 prices climbed, retail investors entered the market at higher levels, Doctor Profit added, which could lead to a shakeout as Bitcoin approaches the critical liquidation zone of $90,000 to $95,000.
Related Reading: Analyst Says It Doesn’t Matter What Analysis You Use, XRP Price Is Set To Explode Beyond Bitcoin’s price action, Doctor Profit warns that the current market sentiment reflects a false sense of optimism, suggesting that the prevalent belief in a sustained altcoin season is 10 cautions that as enthusiasm grows, larger players may begin to offload their positions, leaving retail investors 11 ahead, he forecasts a potential surge in Bitcoin prices towards $145,000 to $150,000, which could potentially mean a 34% increase from current 12 expert also expects Ethereum (ETH) to reach between $7,000 and $8,000 following the September 13 writing, Bitcoin trades at $112,560, recording a 6% drop in the fourteen-days time 14 on the other hand, has continuously positioned among the market’s top performers with a 5% surge during the same 15 image from DALL-E, chart from 16
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