On-Chain Movements Signal Possible Bitcoin Drop; Doctor Profit Projects Consolidation at $60 K

Recent days have been marked by significant activity in the wallets of major institutional investors. On-chain data reveals that Grayscale and BlackRock moved over $3 billion in Bitcoin to exchanges in just 45 minutes on November 20th. These movements typically precede periods of selling pressure in the market, raising concerns among analysts.

The technical outlook reinforces this caution. Since Bitcoin reached its peak of $125,000, the currency has retraced 8.4% in just 24 hours and has accumulated a decline of over 17% in the past two weeks. For the specialized trader Doctor Profit, these numbers indicate the beginning of a deeper consolidation, not just a temporary correction.

**Forecast of Consolidation at Lower Levels**

Doctor Profit, known for accurately identifying the previous cycle top near $68,000 in 2021, maintains a cautious outlook for upcoming movements. According to his analysis, the next relevant support level would be around $60,000. The trader characterizes the current pressure as only the first stage of a more significant price adjustment, suggesting that the consolidation could be prolonged.

The combination of institutional Bitcoin outflows from exchanges and technical deterioration points to a period of uncertainty. Meanwhile, Bitcoin's current price hovers around $87.26K, maintaining a fragile dynamic. Analysts are closely monitoring the next support and resistance levels to determine whether the market can recover the lost momentum or if Doctor Profit's more pessimistic forecast will be confirmed.