Bitcoin has suffered another violent selloff after the Binance hack, but analyst Doctor Profit is not abandoning his bullish outlook yet.
BTC has dropped from the low-$80,000s toward the $76,000-$77,000 area, and broke below the daily EMA50 and MA50 levels that Doctor Profit had expected to act as support.
That is a clear technical setback.
Still, he believes the larger bullish structure remains intact as long as one specific level survives: $76,000.
In his view, losing that support would be a much more serious signal and could open the door to $67,000-$69,000.
What you'll learn 👉
Why $76K Is So Important
Doctor Profit says $76,000 is more than a random support level.
He argues that Bitcoin’s earlier break above this area helped confirm the start of the current bullish structure.
That means returning below it would damage the same setup that supported the move toward $87,000.
His chart shows BTC now trading very close to this region after losing the $80,000-$81,000 support zone.
That $80K-$81K area had also been reinforced by the daily EMA50 and MA50, making its breakdown more important than a normal intraday dip.
Doctor Profit openly admits that this part of his recent setup has failed.
He had closed a short near $80,600 and built a long position with an average entry around $80,400.
If BTC now loses $76,000, he says he would consider that recent long call wrong.
He Still Sees the Crash as a Massive Shakeout
Despite the damage, Doctor Profit believes the latest move is more likely a leverage flush than the beginning of a full bear market.
That interpretation is not unreasonable.
The Binance hack triggered a huge wave of panic selling, and more than $1.5 billion in leveraged crypto positions were liquidated during the selloff.
Long positions accounted for the majority of those losses, which means forced selling played a large role in accelerating Bitcoin’s decline.
Doctor Profit believes that process may have removed excessive leverage and weaker hands from the market.
His broader spot positions from around $60,000 also remain open.
So his thesis is not that the latest drop is harmless.
It is that the bull market can survive it if $76,000 holds.
What Happens if Bitcoin Loses $76K?
This is where the analysis becomes much more useful.
Doctor Profit gives the bullish setup a clear invalidation level.
As long as Bitcoin trades above $76,000, he believes the current structure can still recover.
If BTC breaks decisively below that level, he sees a high risk of a move toward approximately $67,000-$69,000.
| Bitcoin level | What it could mean |
|---|---|
| Above $76K | Bullish fractal remains valid in Doctor Profit’s view |
| $80K-$81K reclaimed | First meaningful recovery signal |
| Below $76K | Risk increases toward $67K-$69K |
That would represent another decline of roughly 10%-12% from $76,000.
The setup can therefore be simplified into three areas:
My Take
I think Doctor Profit’s bullish confidence is stronger than the current chart justifies, but the $76,000 level makes his thesis easy to evaluate.
Bitcoin has already lost several supports that bulls wanted to see hold.
The daily EMA50 and MA50 are gone, $80,000-$81,000 failed, and the Binance hack has created a genuine confidence shock across the market.
So I would not automatically call the latest drop only a shakeout.
But I do agree that $76,000 is now one of the most important levels on the chart.
If BTC holds there and quickly reclaims $80,000-$81,000, the argument that the hack created a temporary capitulation event becomes stronger.
If $76,000 breaks and turns into resistance, the market would look very different.
At that point, Doctor Profit’s own next zone of $67,000-$69,000 would become much more realistic.
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