Bitcoin Price Drops to $115,000: Top Trader Shares Strategy to ‘Survive’
Bitcoin, the world's largest cryptocurrency, started the new week with a sharp drop to $115,193, down nearly 3% from yesterday's high of $118,000. However, according to popular crypto analyst Doctor Profit, the drop was not surprising as he had predicted a short-term price decline, and the market is playing out exactly as he predicted.
Now the big question is: what happens next? And how to “survive” this decline.
BTC Fights to Surpass $116,000
After falling to $115,000, Bitcoin is now stuck in a tight range. The battle between buyers and sellers is intensifying as BTC struggles to break above the key resistance level of $116,000. According to analyst Doctor Profit , this level is acting like a wall. Every time Bitcoin gets close to this level, sellers quickly push the price lower.
This $116,000 mark is not just a number. If Bitcoin breaks above this mark, momentum could build for a larger rally. But if it fails again, sellers could regain control and push prices lower.
Doctor Profit calls this the “make or break” zone for Bitcoin in the short term.
As a result, Doctor Profit expects the next two weeks to be largely flat, with Bitcoin trading within a narrow 8% range. He calls this period “the calm before the storm.” However, his outlook for September is much darker, warning that it could be “a very dark month” for cryptocurrencies.
History Shows a Fiery September for Bitcoin
History, however, seems to support his view. Data shows that in 8 out of 12 cases, Bitcoin ended September at a loss, delivering an average return of -3.77%. This pattern closely aligns with Doctor Profit’s prediction of a sharp correction ahead.
Doctor Profit's Strategy for September
Doctor Profit has outlined his strategy for the coming month, and it's simple. Prepare for a correction, short Bitcoin as it climbs to the top of its current range, then buy back at a lower price after the price drops.
He also noted that selling now and buying back in September could be a wise decision, as lower prices could give investors the opportunity to accumulate more Bitcoin for the same amount of money.
Macro events can add fuel
Additionally, there are several important events in the United States this week , including the Trump-Zelensky meeting, the Federal Open Market Committee (FOMC) meeting minutes, jobless claims, and Jerome Powell’s speech. Therefore, each of these outcomes could have a strong impact on the crypto market, either accelerating or delaying the correction.