Bitcoin Price Drop to $104,000: Key Insights for June

Doctor Profit, known for his accurate Bitcoin price predictions, previously forecasted the drop from $109,000 and correctly identified the bottom at $77,000, followed by a bounce to new highs. After Bitcoin recently approached a new all-time high above $111,000, he returns with fresh analysis on the potential next moves for BTC.

In a recent post, Doctor Profit addressed the skeptics still predicting a bear market, calling them “exit liquidity” for larger players. He emphasized the significance of the Golden Cross formation that appeared last week on Bitcoin’s weekly chart—a rare, historically reliable long-term bullish signal. Past occurrences of this pattern have consistently preceded multi-month rallies, suggesting the current bull run is likely ongoing.

Though the Bitcoin chart shows a bearish divergence on the weekly timeframe—a signal often associated with a price decline—Doctor Profit remains unconcerned. He notes a similar divergence appeared previously when Bitcoin was at $80,000 but did not lead to a downturn. He believes the current divergence is delayed and partly influenced by recent tariff announcements, offering no immediate actionable insight.

Doctor Profit attributes the recent price pullback to normal market cycles, mainly profit-taking by short-term investors, while long-term holders remain steadfast. Despite geopolitical tensions, outflows from major funds like BlackRock remain low. Bullish signs include a Cup and Handle pattern on the daily chart with a breakout zone around $113,000–$115,000, and a series of higher highs and higher lows since the $74,000 bottom, indicating strong trend support.

Bitcoin continues trading above key moving averages (20-, 50-, and 200-day), and the weekly MACD line crossing above its signal line signals bullish momentum. For these reasons, Doctor Profit reassures investors there is no cause for fear at this stage.