With Bitcoin (BTC) surging back above the $105,000 mark and nearing its record high set in January, market expert Doctor Profit has outlined bullish predictions for the leading cryptocurrency. In a recent post on social media platform X, he detailed the dynamics he believes will drive Bitcoin toward new highs.<\/p>\n
Since hitting $77,000, Doctor Profit identified <\/a>$100,000 as the first significant target, which has now been achieved. Looking ahead, he sees the next breakout target between $116,000 and $120,000.\u00a0<\/p>\n His confidence stems from several positive indicators, including a strong bullish divergence observed on the daily chart\u2014a technical signal often associated with forthcoming price increases. He emphasized that daily divergences tend to have a higher success rate than those seen on longer time frames.<\/p>\n Additionally, Doctor Profit pointed out that the funding rate is currently stable, with no over-leveraged positions in the market. He noted that BTC <\/a>recently broke out of a significant double bottom formation and is now testing previous highs.\u00a0<\/p>\n A critical factor in his outlook is the substantial accumulation by US exchange-traded funds (ETFs), which are reportedly purchasing Bitcoin at a rate eight times greater than its current mining output.\u00a0<\/p>\n This aggressive accumulation phase, according to Doctor Profit, indicates institutional interest remains robust, even as retail traders have largely stayed on the sidelines during recent volatility.<\/p>\n The analyst also highlighted that the strongest retail buying occurred around the $90,000 mark, which also represents a liquidity hotspot<\/a>. Should the market revisit this level, he sees it as an optimal entry point, perfectly positioned at the bottom of the established trading box.<\/p>\n Looking ahead, Doctor Profit anticipates volatility, particularly in light of Moody\u2019s recent downgrade of the US credit rating from AAA to AA1\u2014the first major downgrade since S&P\u2019s similar action in 2011.\u00a0<\/p>\n Historical context suggests that such downgrades can lead to swift market corrections. In August 2011, following a downgrade, markets dropped by 5.5% in a single day. Doctor Profit believes that Bitcoin could similarly dip into the $90,000 range to capture liquidity before rebounding.<\/p>\nBTC Could Dip To $90,000<\/h2>\n