Trader Doctor Profit said he has closed out his altcoin positions and is currently short Bitcoin, citing what he described as an overheated altcoin market. In a post on X, he said altcoins are heavily overleveraged and that spot trading volume in the sector has reached four times that of Bitcoin. On that basis, he said he took profits and stepped away from altcoin exposure for now.
He disclosed that he sold ONDO for a 73% gain and also exited HBAR and XRP with smaller profits. He added that he has no intention of buying altcoins in the current setup and expects a market pullback.
Doctor Profit also revisited an earlier Bitcoin call. He said he had previously forecast a move from $60,000 to $88,000. With BTC having risen, he now expects a possible pullback to $79,000. He further revealed that he opened a BTC short at $86,200 and placed additional short orders between $86,500 and $89,500. At the same time, he said his BTC holdings and positions in ETH, CRCL, and COIN within his "Galactic Three" basket remain unchanged.
Doctor Profit, a well-known trader, said in a post on X that he has exited his altcoin positions after taking profit, arguing that the altcoin market is now excessively leveraged. He said spot trading volume in altcoins has reached four times that of Bitcoin, which in his view points to an overheated market.
According to his post, he sold ONDO at a 73% profit and also exited HBAR and XRP with modest gains. He said he does not plan to buy altcoins in the current environment and expects the market to see a pullback.
BTC short position disclosed
Doctor Profit said he had previously predicted that Bitcoin would rise to $88,000 when the price fell to $60,000. After the recent move higher, he now sees a possible pullback to $79,000.
He added that he had already shorted BTC at $86,200 and placed additional short orders in the $86,500 to $89,500 range. At the same time, his BTC position and his holdings in ETH, CRCL, and COIN under the "Galactic Three" basket remain unchanged.
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