Doctor Profit identifies $71,000 as Bitcoin’s key support and $78,500 as the resistance that could trigger a move toward $82,000. He says short covering drove much of Bitcoin’s latest rally a
Bitcoin analyst Doctor Profit said Bitcoin’s bear market ended after its latest breakout above major resistance levels. In an Aug. 20 update, he identified $71,000 as strong support and $78,500 as the next major resistance. He expects a move toward $82,000 if Bitcoin breaks above $78,500 with strength.
Doctor Profit said Bitcoin could retest $71,000, although he is not positioning around that possibility. He considers $71,000 the lowest meaningful area Bitcoin could revisit before moving higher.
However, he described prices between $71,000 and $78,500 as less important to his strategy. According to the analyst, a break above $78,500 would open a path toward approximately $82,000.
He also pointed to Bitcoin’s reaction around $60,000 as evidence of strong buying interest. According to Doctor Profit, large buyers entered when fear pushed prices lower.
Meanwhile, he rejected concerns about Bitcoin’s current RSI readings. He said weekly and monthly RSI remain in neutral regions. However, he considers daily RSI more useful for short-term price movements.
Doctor Profit said much of Bitcoin’s latest advance came from forced short closures. He argued that bears became buyers as their positions closed. He compared the move with Bitcoin’s 2023 advance from roughly $16,000 to $25,000.
Bitcoin later fell about 22% toward $19,000 after RSI reached extreme levels. However, Bitcoin then climbed from around $19,000 to $30,000. Doctor Profit cited the episode when discussing repeated shifts between fear, corrections and renewed buying.
Doctor Profit said his current allocation includes Ethereum, Circle and Coinbase. He described these holdings as his “Galactic Three” and said his BTC/ETH allocation remains 40% BTC and 60% ETH.
According to his figures, BTC gained 26% from his entries, while ETH gained 33%. CRCL rose 50%, while COIN increased 15%. He also highlighted tokenization, stablecoins, on-chain settlement and institutional adoption. For Bitcoin, his current map remains $71,000 support, $78,500 resistance and $82,000 as the next level.
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