Bitcoin ($BTC) is again getting substantial attention for an overall bullish outlook. However, as per the data from the well-known crypto analyst going by “Doctor Profit,” Bitcoin ($BTC) is likely to plunge to the $90K mark before surging to next all-time highs. However, he says that BTC is bullish and visit to $90k area will be an opportunity, not a short signal. The crypto analyst took to social media and discussed the potential price movement of Bitcoin ($BTC) in the coming days.

Bitcoin to Potentially Slump to $90K Before Surge to Exclusive All-Time High

In the latest report on Bitcoin, Doctor Profit provided a detailed overview of an effective trading strategy. The crypto analyst highlighted a noteworthy sell-off within the $90K-$92K range. Following that massive offloading, the popular crypto analyst disclosed a buyback at a considerably low price level of $77K. Doctor Profit considers this maneuver to be a successful plan that allowed for more $BTC accumulation while also expanding their liquidity.

Particularly, the initial price target of $100K has reportedly been achieved. Subsequently, the flagship crypto asset has returned to an acquainted “box formation.” Many factors are responsible for the crypto analyst’s confidence in Bitcoin’s next upswing. In this respect, Doctor Profit has indicated a robust bullish divergence seen on regular timeframe. In addition to this, the analyst has also discussed Bitcoin’s resilient funding rate. This suggests a deficiency of extra leverage within the market.

Key Indicators of $BTC Signify Bullish Momentum

The box formation specifies accumulation and an anticipated jump toward the $116K-$120K range. Along with that, Bitcoin’s moving average is currently serving as a noteworthy support. Another signal of the bullish outlook is Bitcoin’s ($BTC) recent breakout above an important double bottom pattern. At the moment, the top crypto asset is testing former price highs. Moreover, another key factor is that the exchange-traded funds are purchasing Bitcoin at an eight times greater rate in comparison with the present 60-day $BTC mining output.

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As per Doctor Profit, Bitcoin ($BTC) is going to witness broad-scale volatility after the downgrade of its credit rating by Moody’s. This draws parallels to the S&P downgrade of 2011, which led to a 5.5% market dip. Keeping this in view, Bitcoin could rapidly slump to $90K to get liquidity ahead of a major price rebound.