Well-known trader: Shorting Bitcoin, target price remains $79,000, deepest correction expected between $69,000 and $71,000.

BlockBeats news, October 4 — Well-known trader Doctor Profit posted that he has shorted Bitcoin at $86,200 and is placing additional short orders in the $86,500 to $89,500 range to build a swing short position. The current target remains $79,000; upon reaching that level, he will decide whether to take profit and close, or continue holding the short based on Bitcoin's price reaction.

He said the deepest pullback range he is considering is $69,000 to $71,000, and he does not expect the price to fall to a lower level. Although the short entered at $86,200 has already worked, he will evaluate the market level by level rather than directly betting on a deep pullback.

His next step will be to first observe the support performance near $79,000, and based on that judge whether the decline will continue, or reverse and extend the bull market to set a new local high.