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Crypto analyst Doctor Profit said BTC’s short-term correction has ended and a bottom has formed, adding that Doctor Profit entered a 4x leveraged long position at $81,000.
Doctor Profit said a short-term low formed in the $81,000-$82,000 range. As BTC previously rose toward $87,000, a bearish divergence emerged between price and the relative strength index, or RSI, but the latest pullback pushed RSI back to levels seen before past rebounds began, according to the analyst. Doctor Profit added that BTC has also returned to a key support level on the chart, showing a pattern similar to the previous short-term bottom.
The analyst said BTC is likely to reclaim $82,000, trade sideways in the $82,000-$88,000 range, then break higher and rise to $94,000. In the $86,000-$88,000 zone, Doctor Profit said buying demand is expected to absorb sell orders in an accumulation pattern, allowing a previous resistance level to turn into support.