Renowned trader: Bitcoin has bottomed out near $68,000, aggressively buying

BlockBeats news, November 13th, renowned trader Doctor Profit stated that he believes Bitcoin has bottomed out around $68,000 and is aggressively buying near this level. Bitcoin is currently in the "golden pocket" range of Fibonacci retracement and has also touched the 200-week moving average.

In his view, over the past decade, the 200-week moving average combined with Bitcoin's four-year cycle has been an important signal for identifying the bottom of each bear market. He also mentioned that in June, when Bitcoin was around $60,000, some traders were bearish, but the price subsequently rose to $87,000. It is expected that Bitcoin will not hit a new low for this cycle.