Renowned Trader: Bitcoin at a Local Bottom, Maintaining $94,000 Target

BlockBeats news, October 28 - Well-known trader Doctor Profit posted that he has completed building long positions in Bitcoin in the $80,000 to $81,000 range, with an average entry price of $80,400, and the target remains $94,000. At the same time, he continues to hold spot Bitcoin with an average cost in the $60,000 to $64,000 range. In his view, the $80,000 to $81,000 area, extending downward to $79,000, is an accumulation zone and also a local bottom. He cited stronger spot demand in this area, long positions being gradually established, and clearly bearish sentiment among most retail investors as the basis for his view.

Regarding institutional holdings, he said the average purchase cost of Bitcoin treasuries is about $80,200, and the average purchase cost of treasuries and U.S. spot ETFs is roughly in the $80,000 to $81,500 range. He also mentioned that as of October 20, spot buy orders near $80,000 on Binance had rebuilt, while the pace of realized profit-taking had fallen to about half of that near the September high.

Based on this, he judged that recent selling pressure mainly came from retail investors, futures shorts, and some short-term holders, while medium- and long-term holders who bought in the $60,000 to $70,000 area still tend to hold. On the technical side, he wants to see Bitcoin reclaim the 50-day exponential moving average (EMA50) and close a daily candle above it, but said that even if this does not happen yet, it will not change his judgment of a local bottom. In addition, he reminded investors to watch the Federal Reserve interest rate decision on October 28.