Bitcoin Analyst Who Sold the Top Is Bearish Again: 'I'm Building Shorts'

Bitcoin (CRYPTO: BTC) trades below $84,000 Wednesday morning, and one trader who called last October’s crash says he’s shorting the market again.

Why Doctor Profit Is Betting Against Bitcoin

Widely-followed crypto trader Doctor Profit posted on X that he sold his entire Bitcoin position near $124,000 last October and built a short position ahead of the Oct. 10 crash, when altcoins lost up to 95% in hours. 

He closed those shorts near $60,000 and switched to buying spot, the same level he had called for since the top.

A year later now, Doctor Profit says he’s shorting again between $86,500 and $89,500, with his largest orders waiting between $88,000 and $89,500. He’s adding to the position on every rally into that zone.

What Triggered Wednesday’s Selloff

Bloomberg reported Wednesday that a wave of forced selling hit crypto markets, with Ethereum (CRYPTO: ETH) below $2,600, XRP (CRYPTO: XRP) below $1.45 and Solana (CRYPTO: SOL) below $118.

Roughly $550 million in leveraged positions got liquidated over 24 hours, according to Coinglass data, most of it from longs.

LVRG Research chief analyst Dan Khus called the move a leverage flush rather than a trend reversal, with crowded bullish bets getting forced out.