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- Bitcoin (BTC) falls to $61,000 price range caused by Middle East war tensions.
- This leads to analyst calling for a bullish accumulation.
- He expects Bitcoin and the crypto market to pump in Q4.
Bitcoin price sinks to $61,000 level as tensions in the Middle East grow. In detail, BTC sank below $61,000 and ETH fell below $2,500. This led to 155,000 accounts being liquidated for an amount of $533 million, where long orders were liquidated for $451 million. The largest liquidation came from one single BTC/USDT Binance trade for $12.6646 million.
Is The Bull Run Over Before It Began?
In response to the crypto market’s latest dip, one crypto analyst states that the news of the war equals the end of the rise of crypto and digital currencies. He goes on to share a USDT chart where the Dominance of Tether moves upwards after reaching its rising trendline, i.e. the support line, and after breaking its downward trendline, it indicates that it wants to rise.
As crypto analysts debate over what’s next for the market, one analyst, Doctor Profit, known for his many accurate predictions made a statement. Yesterday, he expected BTC price to bounce from the $63,400 level. Instead, the price of BTC has now fallen to the $61,000 region. This has led to many traders asking him to admit his not so accurate call.
The region of 60-61k is heavy support for BTC. Key moving averages, liquidity and OI / Spot ratio orders in this region
— Doctor Profit 🇨🇭 (@DrProfitCrypto) October 1, 2024
I smell retails selling here..
BTC Dip Signals Bullish Accumulation Opportunity
Instead, Doctor Profit stands his ground and states that the region of $60,000 – $61,000 is heavy support for BTC. He says that the key moving averages, liquidity, and OI/Spot ratio orders are all in this region and expects retail to panic sell here.
Markets wont care about any war once the M2 money supply goes into full print mode. Yes, wars usually open up the way for massive new liquidity
— Doctor Profit 🇨🇭 (@DrProfitCrypto) October 1, 2024
If you dream about a huge crash scenario, keep dreaming. The opposite will happen!
He says the war will not affect the crypto market and once the M2 money starts flowing then massive new liquidity will pump the market to much greater highs. Doctor Profit also expects the price of BTC to hit an ATH of $550,000 by 2026 when Bitcoin’s market cap will reach 8 trillion.
People need to relax and not to panic every time as we move in the same pattern since March. This is a bullish accumulation phase and MM try to benefit from any FUD to put some sell pressure into the market to make you more fearful. Dont be a panic seller!
— Doctor Profit 🇨🇭 (@DrProfitCrypto) October 1, 2024
Finally, he states that a huge crash is unlikely, and the opposite will play out over the next few months. Lastly, he advises traders to relax and not panic every time we move in the same pattern since March. Calling this a bullish accumulation phase he encourages refraining from FUD intentions or giving into sell pressure.