Analyst Doctor Profit recently projected via his X (formerly Twitter) that Bitcoin (BTC) will form a bottom in the $40,000 to $50,000 range.

Doctor Profit stated, "I am currently still maintaining a short position with an entry price of $120,000 and another at $80,500," adding, "I plan to hold onto the short positions as long as BTC remains below $80,000." He emphasized that the current market is not the time to discuss buying the dip or a bullish reversal.

He further diagnosed, "The market has accumulated fatigue due to the current consolidation, which is a typical pattern that emerges before entering the 'capitulation' phase," adding, "If BTC drops below $60,000, the full-fledged capitulation phase will begin."

He also predicted the scenario following the capitulation phase. Doctor Profit warned, "Market fear could expand with events such as selling by long-term holders, the collapse of an exchange or a major institution, or a black swan (a highly improbable event that actually occurs)."

Finally, he explained, "The ultimate bottom price will be in the $40,000 to $50,000 range, and I expect that point to be between September and October of this year."