Bitcoin started the week with another drop, falling below 71000 dollars on Monday, leaving its short term direction uncertain. Despite the weakness, some market participants believe there could still be one more upward move before a larger correction takes hold.
Short Term Rise Could Precede Sharp Reversal
Crypto analyst Doctor Profit suggests that Bitcoin may experience a final push higher before entering a broader and more aggressive downturn. In his latest outlook, he assigns a strong probability to a move toward 76000 dollars.
He noted that the price could extend even further into the 79000 to 84000 dollar range, although it remains unclear how much strength the current momentum has before reversing.
According to his view, the broader trend remains bearish despite the potential for near term gains. He expects a significant decline in the coming weeks and believes the current price action could be forming a classic bull trap. In such a setup, temporary gains attract buyers before the market reverses sharply, leading to deeper losses.
He argues that this pattern is often driven by large market participants who create liquidity by drawing in buyers before pushing prices lower. As a result, he does not see the recent rebound as confirmation of a market bottom, but rather as part of a larger corrective phase that is still unfolding.
Broader Market Risks Add to Bearish Outlook
A key element of his analysis is tied to expectations for traditional financial markets. He forecasts a major correction in the S&P 500 within the next two months, potentially exceeding a 35 percent decline.
Such a drop would surpass the losses seen during the COVID-19 market crash and could have a significant impact on risk assets. In this scenario, Bitcoin is unlikely to remain unaffected and may follow equities into a sharper decline, creating what he describes as a domino effect across markets.
The analyst reiterated his expectation that Bitcoin could eventually fall toward the 50000 dollar range or even lower once the current upward phase is completed.
Geopolitical Tensions Continue to Weigh on Markets
Bitcoin’s recent weakness also comes amid rising geopolitical uncertainty following the breakdown of high level talks between the United States and Iran in Islamabad. Both sides blamed each other for the lack of progress, with US officials claiming Iran rejected the proposed terms, while Tehran described the demands as unreasonable.
Market sentiment worsened further after reports of a potential US naval blockade in the Strait of Hormuz, a key global oil route. Concerns over possible supply disruptions and escalating military tensions have added pressure across financial markets, including cryptocurrencies.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
