Bitcoin Retracement Signal: Dr Profit Targets $60K as Institutional Outflows Accelerate

Veteran analyst Dr Profit has charted a cautious roadmap for Bitcoin, pointing toward $60,000 as a critical support level following the digital asset’s recent pullback from its $125,000 peak. The analyst has garnered credibility for accurately forecasting major market turns, including the 2021 bull run high and the top of the current cycle.

Market Weakness Signals

Bitcoin has given back 8.4% of its value within 24 hours and shed over 17% across the past fortnight. Rather than viewing this as a temporary dip, Dr Profit interprets the current retracement as the opening phase of a more substantial decline, suggesting further downside pressure before any meaningful recovery.

At current levels near $92,860, Bitcoin remains significantly above the predicted floor, leaving ample room for the drawdown Dr Profit anticipates. This view gains weight from concurrent chain monitoring, which has captured substantial Bitcoin movements hitting trading venues.

On-Chain Pressure Points

The weakness reflects institutional positioning adjustments, with major fund managers reducing exposure. A particularly telling signal emerged on November 20, when over $3 billion worth of Bitcoin transferred to exchanges in just 45 minutes—a typical precursor to potential selling pressure. Similar outflows have been tracked from prominent investment products, indicating large holders are repositioning their holdings.

What’s Next

Dr Profit’s $60,000 target—roughly 35% below current prices—represents a scenario where technical sellers and capitulation flows combine. While such moves aren’t guaranteed, the confluence of weakening technicals, institutional rebalancing, and the analyst’s historical track record makes this downside scenario worth monitoring for traders calibrating their risk exposure.