Recent price action has seen Bitcoin slowly creeping bullish, which is a reflection of inflows of capital, particularly through Spot Bitcoin ETFs. This has seen the Bitcoin price pushing to an intraday high of $75,829 in the past 24 hours, according to price data from CoinGecko.
In his view, a move into the $76,000 range carries a much higher likelihood than a full push into the upper resistance band. The analyst now says he will close only half of his long position at the $76,200 region, pocket that profit, and move his stop loss to entry.
Doctor Profit acknowledged a miscalculation in his earlier probability assessment, stating that while the likelihood of Bitcoin hitting $76,000 is now very high, the probability of reaching the $79,000 to $84,000 zone is currently only medium.
The Larger Picture: A Short That Started At $120,000However, there is a clear distinction in how he plans to add to that position. The plan now is to avoid opening new shorts around $76,000, instead reserving additional entries for the $79,000 to $84,000 zone. This area, according to the analyst, represents a more optimal region driven by potential market euphoria and late-stage buying pressure.
