Huo Xing Finance reports that on August 5, renowned trader Doctor Profit stated that he did not precisely short BTC at the $125,000 peak, but rather gradually built his short position between $115,000 and $125,000, sold all his Bitcoin, and shifted into a larger short position, concluding that this bull market has ended. He currently sets the BTC buying range between $64,000 and $54,000 and is executing purchases according to this plan. He acknowledged he cannot predict the exact bottom, as he is better at identifying price zones; the current buying range indicates he believes BTC has entered a bottoming area and is preparing accordingly.
Doctor Profit: Bitcoin Enters Bottom Range, Accumulating BTC Between $54,000 and $64,000
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Summary
Doctor Profit said Bitcoin is in a bottom range, with support and resistance forming between $54,000 and $64,000. He executed a profit-taking strategy by shorting BTC between $115,000 and $125,000, selling all his holdings and increasing his short positions. He confirmed that the bull cycle has ended.
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