Prominent crypto trader Doctor Profit, who has recently risen to popularity for his accurate calls this cycle, is now suggesting that the crypto crash is likely over and a new bull run is about to begin.
Doctor Profit has closed his Bitcoin short and opened a 30x leveraged long position worth $10 million, entering at $104,500.
The Bitcoin price is little changed from his entry point, trading at $104,800 at press time.
Meanwhile, BlackRock’s IBIT spot Bitcoin ETF is seeing massive inflows as whales continue to accumulate, both widely viewed as early signals of a major rally ahead.
Doctor Profit has gained significant popularity in recent months for his accurate predictions, especially on Bitcoin and XRP.
The trader recently opened a short position on Bitcoin with 10x leverage at $108,378. Indeed, the BTC price fell to $103k in the subsequent days.
At $104,500, which is a key support level for Bitcoin, Doctor Profit announced that he has closed his shorts and has opened a $10 million long position with 30x leverage.
The trader has locked in strong profits from Bitcoin’s recent range-bound movement. This time, however, he’s also added to his spot positions, suggesting he believes the market is gearing up for another bull run.
In a Telegram post, Profit highlighted that the start of a war is typically an excellent buying opportunity for sidelined investors.
Indeed, geopolitical and macroeconomic events have marked the crypto bottom in recent months.
Whales and institutions also agree with Doctor Profit’s bullish thesis. On-chain data analysis platform Santiment reveals that the number of whale wallets with 10-plus BTC has surged by 231 in the past 10 days.
Meanwhile, retail investors are panic-selling, a pattern that often marks the final shakeout before the next bull run begins.
BlackRock’s IBIT ETF continues to record staggering inflows as well. Since June 9th, IBIT has added $2.3 billion to its assets under management, with a massive $640 million inflow on Tuesday alone.
The inflows into other spot Bitcoin ETFs are also picking up, with Fidelity recording a daily inflow of $104 million on June 18th.
The combination of strong whale and institutional demand, as well as smart money investors flipping bullish, indicates that the crypto crash is likely over and a new bull run is on the horizon.
Best Beta Bitcoin Cryptos To Buy
Crypto assets tend to show a high degree of correlation. Unsurprisingly, Bitcoin’s bullish prospects are also extremely beneficial to high-upside coins in its ecosystem.
For instance, the soon-to-launch Bitcoin meme coin, BTC Bull (BTCBULL), is gaining significant traction.
The project promises free Bitcoin, as well as perks of token burn events and a BTCBULL airdrop, when the Bitcoin price hits certain set milestones.
Owing to its unique value proposition, the BTCBULL presale has nearly raised $8 million in short order, with several whales among the early buyers.
Many analysts have already called BTC Bull the next 10x crypto.
Similarly, Bitcoin Hyper (HYPER) is gaining serious traction as one of the most promising BTC Layer 2 plays right now.
HYPER has already raised nearly $1.5 million in its presale in short order. The presale’s strong demand isn’t surprising, considering it is driven by real use cases like wrapped BTC payments, DeFi, NFTs, gaming, and developer tools.
It uses bridge-based minting, zero-knowledge proofs, and commits to Bitcoin Layer 1 for security. The project aims to bring the speed, scalability and performance of newer blockchains to the Bitcoin ecosystem.
Much like BTCBULL, many are viewing HYPER as the next 10x crypto.
