- Silver-tongued analyst buys the dip as BTC price drops to $86,000.
- The analyst explains why his move is one of high-risk.
- He ends his latest post by revealing all his current open trades.
The price of the pioneer crypto asset, Bitcoin (BTC), fell further from its drop to the $89,000 price range yesterday. In detail, BTC price fell as far as the $86,000 price range today. A popular trader known as Doctor Profit, a silver-tongued analyst, buys the dip as BTC price drops to $86,000. The reputed trader made many accurate predictions so far this cycle nd goes on to reveal all his current local trades.
Silver-Tongued Analyst Buys the Dip
According to analytics, the price of Bitcoin (BTC), the pioneer crypto asset, is currently trading in the $86,000 price range. The asset is also boasting a total market cap of $1,721,605,104,722.09 and a 24-hour trading volume of $44,869,626,362.13. This would mean that the price of BTC is down by over 3.5% in the past 24 hours. The asset will need to pump almost 32% to set a new ATH price.
Presently, many analysts are taking the opportunity to buy the dip and take profits once the price of BTC recovers and surges back to the $90,000 and hopefully, even the $100,000 price range. But when will this recovery play out, and how far will BTC pump? Can the asset set a new, higher ATH price in the coming months ahead, or will greater dips play out instead?
As we can see from the post above, Doctor Profit reveals that he is buying back BTC around $86,000 to tactically trade a short-term relief move. As outlined in his earlier Sunday Report, he expects the price of BTC to revisit the $97,000 – $107,000 price region before the next major lower leg unfolds. That’s a 20% move from the current region. As a trader, he sees this as a good risk-reward trade with a tight stop-loss.
A Risky Market Play
Despite his current goal to see BTC pump, his overall expectation for the price of BTC remains very bearish. Thus, he concludes his current move as one of high, absolute risk management. This means that he will make sure to place the stop loss at entry once he is in a solid profit area. The short from $115,000 – $125,000 he placed months ago will continue to run as it is still open.
Thus, Doctor Profit reaffirms his short-term play and his long-term bearish outlook. He declares that Bitcoin remains extremely unstable and bearish for the mid-term, and expects the strong downside continuation to take place at any moment, even before reaching the $97,000 – $107,000 price zone. He concludes by stating that a deeper and faster sell-off is absolutely possible. So buying now should be taken with extreme caution.
