Renowned Trader: Bitcoin Correction Complete, $81,000 to $82,000 Strong Support, Target Remains $94,000

BlockBeats news, October 20: Renowned trader Doctor Profit posted that he has opened a Bitcoin long position at $81,000 with 4x leverage. He believes this correction is complete, with the $81,000 to $82,000 area forming strong support, which he views as a local bottom, and the next target remains $94,000.

He noted that Bitcoin previously rallied near $87,000, but the daily RSI made a lower high, forming a bearish divergence. After this correction, the RSI has returned to the zone where the previous rebound occurred, and price has once again touched the orange line on his chart, similar to the pattern when the last local bottom formed.

As for the path ahead, he expects that $82,000 must first be reclaimed for confirmation, followed by sideways trading between $82,000 and $88,000, then a breakout of the range and a rally toward $94,000. He expects the $86,000 to $88,000 area to be dominated by accumulation rather than distribution this time, with buying absorbing selling pressure and turning resistance into support.