Doctor Profit provided insights into the current decline of Bitcoin, which has dropped more than 5% over the last three days. As the U.S. presidential election approaches on November 5, the analyst connects this price movement to the potential election victory of Kamala Harris.
Doctor Profit highlights that Bitcoin had printed a new higher high just a month ago, surpassing its previous peak of $65,000. This upward movement seemingly countered the bearish narrative that many analysts had been promoting.
However, he notes that Bitcoin is currently about 8.8% below its peak from earlier in the week. He considers this a healthy correction following a significant rally.
The analyst emphasizes that the recent market downturn is largely due to investors beginning to price in the implications of a possible Harris win. He suggests that while a victory for Harris might not be bullish for Bitcoin in the short term, the scenario would be much more favorable if Donald Trump were to win.
According to Doctor Profit, historical trends indicate that election outcomes do not alter the Federal Reserve’s ongoing commitment to monetary expansion, regardless of the presidential victor.
In terms of market dynamics, Doctor Profit points out that rumors of over-the-counter (OTC) desks running out of Bitcoin are likely accurate. He notes that many OTC desks have been reaching out to buy BTC, indicating a tightening supply in that market segment.
Additionally, he critiques CryptoQuant for potentially manipulating reported numbers regarding OTC desk balances, claiming that their figures do not accurately reflect the current situation.
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Show more +A Possible BTC Price Decline to $65k
As for trading strategies, the analyst mentions that he has set long orders around the $65,000 mark, anticipating a possible retest of this level if fear-driven events or sharp market fluctuations occur. He remains optimistic about holding long positions from previous lower levels and warns that the upcoming week may be highly volatile.
In summary, the crypto analyst Doctor Profit conveys a message of cautious optimism. While short-term challenges may arise from the political landscape, he maintains that the broader trend for Bitcoin remains upward in the medium to long term.
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