- Bitcoin continues to hold strong at the $68,000 price level.
- Silver-tongued crypto and Bitcoin (BTC) analyst, Doctor Profit, shares his latest report.
- According to the crypto market report, Bitcoin is on a steady trajectory to set new ATHs.
Popular analyst Doctor Profit released his latest weekly report, addressing Bitcoin’s current trends and the broader crypto market outlook. In his analysis, Doctor Profit highlights that Bitcoin recently broke past a key resistance at $65,000, printing a higher high for the first time since its all-time high (ATH).
This move counters the bearish outlook of lower lows, showing a healthier correction with Bitcoin (BTC) now about 8.8% below its recent peak—a manageable dip given the recent rally. He notes, “This small pullback is healthy,” explaining that market movement might reflect potential election results. While a Harris victory could lead to short-term dips, the analyst sees both Harris and Trump outcomes as ultimately bullish for Bitcoin long term.
OTC Desks Face Bitcoin Shortage
The same Sunday report suggests that Over-the-Counter (OTC) desks are running low on Bitcoin, with large buyers now turning to exchanges, which could trigger more direct price increases. As the analyst notes, “Soon these players need to buy from exchanges,” and firms like BlackRock are already acquiring Bitcoin through Coinbase. This trend could drive significant BTC price hikes in the medium to long term.
Trade Strategy and Key Levels
With high volatility expected, Doctor Profit recommends setting long orders around the $65,000 level, where Bitcoin recently broke out. He has long positions from $53,000 and $58,000, with additional orders near $65,000 to take advantage of potential dips. He concludes by saying he has his eyes set on November 5, which could influence Bitcoin’s trajectory further.
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