Crypto Pundit Dumps Bitcoin Holdings Sub-$100,000, Lists Reasons Why It’s Time To Short

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Bitcoin has extended its decline below $90,000 as on-chain data shows whales selling off in massive amounts. This price decline comes amidst the otherwise bullish news of Donald Trump signing an executive order for a Strategic Bitcoin Reserve (SBR). The lack of bullish momentum despite this has brought into play the possibility of an extended bearish move from here. 

A well-known crypto analyst, Doctor Profit, has raised alarms about an impending major correction in Bitcoin’s price. In a detailed post on social media platform X, he outlined his reasons for this shift, arguing that the current market conditions signal the start of the first large Bitcoin correction of this cycle.

Strategic Bitcoin Reserve: A Misinterpreted Narrative?

Popular crypto analyst Doctor Profit revealed that he is selling a significant portion of his holdings and entering short positions. Notably, the analyst pointed to the recent news surrounding the Strategic Bitcoin Reserve as a key factor that led him to reevaluate his bullish stance. He emphasized that while retail investors see this as a game-changing development, large players and whale investors have already priced in the impact. 

Many crypto investors expected an accumulation of Bitcoin by the US government in order to strengthen the reserve. However, instead of the expected ensuing buying pressure on Bitcoin, the executive order focused on Bitcoin confiscated from previous seizures, which left bullish investors underwhelmed. 

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Source: Doctor Profit on X

According to Doctor Profit, the decision to sign off on this policy earlier than anticipated signaled a shift in market dynamics. His expectation was that this move would materialize months later, allowing Bitcoin’s price to sustain upward momentum before the first significant correction. Instead, he now sees this as the primer for a long-term decline.

Is This The Beginning Of Bitcoin’s First Big Correction? Price Levels To Warch

Doctor Profit firmly believes that Bitcoin has yet to experience a proper correction in this cycle, noting bull market trends where the asset has seen at least one 40-50% drop before reaching new all-time highs. He sees the recent developments as the final push before a 40% to 50% decline. As such, the analyst noted that this is the ideal window for distributing sell orders and entering short positions.

His outlook suggests a retracement to as low as $50,000–$60,000 before Bitcoin resumes its long-term bullish trajectory. Breaking down his trading strategy, he disclosed that he has already sold 50% of his Bitcoin holdings, which he accumulated at $16,000. He has placed short orders within the $90,000–$102,000 range, with target profits set at $74,000 for the first take-profit level, followed by a complete exit in the $50,000–$60,000 region and a full buyback to double holdings.

Despite his short-term bearish outlook, the analyst maintains that Bitcoin will eventually rally to new highs in the $120,000–$130,000 range.  At the time of writing, Bitcoin is trading at $86,530.

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BTC trading at $86,185 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from Unsplash, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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