Will the ‘Old Man’s Punch’ Finally Hit or Fail? Bitcoin (BTC) Faces a Critical Test
Bitcoin is forming a bottom inside the 2024 box, but another $65,400 rejection could send BTC toward $54,000.
Bitcoin is facing a major test at $65,400 this week as traders watch whether it can finally break through a resistance level that has repeatedly produced fakeouts.
Doctor Profit has described the setup as the “Old Man’s Punch,” and the outcome could determine its next major move.
Fear Has Switched Sides
The current area has seen significant selling in recent weeks. Doctor Profit believes that a brief move above the level would not be enough to confirm a breakout. Bitcoin has already moved above $65,400 several times, only to fall back and produce fakeouts. What the analyst wants to see instead is several weekly closes above the level.
If that happens, he said BTC would break the second major resistance zone of the current bear market. The next important levels are around $77,000- $78,000 and $83,000.
According to the analyst, there has been a shift in market psychology as the biggest fear now sits with stablecoin holders. He explained that fear of missing out has become greater than the fear of another major crash, which could lead to faster and more aggressive accumulation as more investors decide they do not want to remain in stablecoins if Bitcoin rises.
He divides the current risk into two groups. One group is seeking a few percentage points of improvement in its entry, while the other is positioned for the next cycle.
