Bitcoin, the world’s largest cryptocurrency, kicked off the week with a sharp fall to $115,193, down nearly 3% from yesterday’s peak of $118K. But according to well-known crypto analyst Doctor Profit, this drop was no surprise as he had already predicted a short-term drop, and the market was playing out exactly as he forecasted.
Now, the big question is: what comes next? And how to tackle it?
BTC Battle To Break Above $116K
After dropping to $115k, Bitcoin is now stuck in a tight range. The fight between buyers and sellers is getting stronger as BTC struggles to move past the key $116K resistance zone. According to analyst Doctor Profit, this level is acting like a wall. Each time Bitcoin nears it, sellers quickly push the price back down.
This $116K mark isn’t just another number. If Bitcoin breaks above it, momentum could build for a bigger rally. But if it fails again, bears may gain control and push prices lower.
Doctor Profit calls it a “make or break” zone for Bitcoin in the short term.
Therefore, Doctor Profit expects the next two weeks to stay mostly flat, with Bitcoin moving within a tight 8% range. He calls this phase the “calm before the storm.” But his outlook for September is much darker, warning that it could turn into a “very red month” for crypto.
History Shows a Red September for Bitcoin
However, history seems to back his view. Data shows that in 8 out of 12 times, Bitcoin has ended September with losses, giving the month an average return of –3.77%. This pattern fits closely with Doctor Profit’s prediction of a strong correction ahead.
Doctor Profit’s Strategy for September
Doctor Profit has outlined his strategy for the coming month, and it’s straightforward. Be ready for a correction, short when Bitcoin climbs to the top of its current range, then buy back at lower levels after the drop.
He also noted that selling now and re-entering in September could be smart, as lower prices might give investors the chance to accumulate more Bitcoin with the same amount of money.
Macro Events Could Add Fuel
Adding to the uncertainty, this week is packed with key U.S. events, including the Trump-Zelensky meeting, FOMC minutes, jobless claims, and Jerome Powell’s speech. Therefore, each of these results could heavily impact the crypto markets, either accelerating or delaying the correction.
