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Prominent trader: Bitcoin is at a local bottom, maintains 94,000 USD target
BlockBeats news,October 28, prominent trader Doctor Profit wrote that he has completed the establishment of Bitcoin long positions in the 80,000 to 81,000 USD range, with an average entry price of 80,400 USD, and the target remains 94,000 USD. Meanwhile, he continues to hold spot Bitcoin with an average cost basis in the 60,000 to 64,000 USD range. In his view, the area from 80,000 to 81,000 USD, extending downward to 79,000 USD is an accumulation zone and also a local bottom. His reasoning is that spot demand is stronger in this area, long positions are gradually being built, while sentiment among most retail investors is clearly bearish.
Regarding institutional holdings, he stated that the average purchase cost of Bitcoin treasuries is approximately 80,200 USD, while the average purchase cost of treasuries and U.S. spot ETF is roughly between 80,000 and 81,500 USD. He also mentioned that, as of October 20，Binance, spot buy orders around 80,000 USD on the platform had reaccumulated, while the pace of realized profit-taking had fallen to approximately half of its peak at September.
Based on this, he concluded that recent selling pressure has mainly come 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 USD range still tend to hold their coins. Technically, he hopes to see Bitcoin reclaim the 50-day exponential moving average (EMA50) and close above it on the daily chart, but stated that even if this has not yet occurred, it would not change his view of a local bottom. In addition, he reminded readers to watch the October 28 Federal Reserve interest-rate decision.
Original link https://m.theblockbeats.info/flash/374056