Bitcoin Plummets to $107,000, Will the Trailblazing Asset Rebound to Hit Fresh Peaks Following the Obliteration of Liquidity Groups?

In a recent report, renowned analyst Doctor Profit shares his latest insights into the cryptocurrency market, predicting a price drop for Bitcoin (BTC) in September.

According to the report, the crypto market is yet to enter the fear state, allowing BTC to close its CME Gap in the $90,000 - $95,000 price range. In the same report, Doctor Profit forecasts that BTC will sink to $90,000 and $95,000 in September.

The analyst's report also suggests that the rate cut announcement will likely arrive shortly after mid-September, which he attributes to the predicted price drop. Doctor Profit expects the BTC price to sink low enough to close a CME Gap, after which he predicts a recovery to 6-digit prices and the hitting of much higher all-time high (ATH) prices in Q4 of 2024.

The report highlights huge liquidity clusters for Bitcoin, especially around the $105,000 to $108,000 prices. However, until these liquidity clusters are taken out, a reversal is highly unlikely for Bitcoin, as per the analyst. Every small pump in Bitcoin price is getting fully retraced, suggesting momentum is towards the downside, according to Doctor Profit.

Interestingly, the report also states that Bitcoin is not showing signs of a macro distribution, contrary to expectations of a bear market. Another analyst believes Bitcoin is consolidating within a macro bullish structure, forming a megaphone pattern, indicating potential for an epic rally.

Doctor Profit's report does not specify a timeframe for the crypto market to enter the fear state or for BTC to reach new ATH prices after the dip. The report does not indicate any immediate recovery for BTC before the predicted price drop.

After the dip, Doctor Profit believes that BTC will wipe out several liquidity clusters and move back up to higher prices, triggering altseason's arrival. This recovery, as per the analyst, will likely be followed by BTC reaching new ATH targets later in Q4 of 2024.

In conclusion, while Doctor Profit predicts a price drop for Bitcoin in September, he remains optimistic about the long-term prospects of the cryptocurrency, with expectations of new ATH prices in Q4 of 2024.

Bitcoin Plummets to $107,000, Will the Trailblazing Asset Rebound to Hit Fresh Peaks Following the Obliteration of Liquidity Groups?