Trader Doctor Profit says 76,000 USD is a key support level for Bitcoin
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AT A GLANCE
Doctor Profit believes that if Bitcoin holds 76,000 USD, the bull market can continue; a break below it would increase the risk of a decline.
Article
Well-known trader: 76,000 USD as a key support level for Bitcoin, and still believes the bull market will continue
BlockBeats reported that October 31, well-known trader Doctor Profit posted that, although Bitcoin lost 80,000 to 81,000 USD area’s daily EMA50 and MA50 support after this black swan event, it remains within his bullish fractal structure.
He emphasized that 76,000 USD is key support; a previous breakout above this area confirmed the start of the bull market. If it is lost, this will severely impact the bulls, with a high risk of a decline to 67,000 to 69,000 USD; as long as 76,000 USD holds, he believes there is no need to panic for now.
He views the recent market action as a large-scale shakeout that triggered massive liquidations and panic selling, and still believes the bull market will continue. He stated that he continues to hold the long positions opened at 80,400 USD and all spot holdings purchased at 60,000 USD. If the price falls below 76,000 USD, he will acknowledge that his recent bullish call for the 80,000 to 81,000 USD area was wrong, but will not consequently turn bearish, continuing to view the current move as a cleansing before the next rally.
Original link https://m.theblockbeats.info/flash/374796
Key points
01
BlockBeats says that October 31, trader Doctor Profit posted about Bitcoin’s market trend.
02
Doctor Profit stated that Bitcoin has fallen below the 80,000 to 81,000 USD area’s daily EMA50 and MA50 support, but remains within the bullish fractal structure he described.
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He considers 76,000 USD key support, and said that after a break below it, the risk of a decline 67,000 to 69,000 USD is high.
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He said that as long as 76,000 USD holds, there is no need to panic for now, and he still believes the bull market will continue.
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He stated that he still holds the 80,400 USD long positions opened at 60,000 USD and all spot holdings purchased at
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He said that if the price falls below 76,000 USD, he will acknowledge that his recent bullish call in the 80,000 to 81,000 USD area was wrong, but will not consequently turn bearish.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This is a trader’s technical analysis and statement of his positions. His core line of observation is 76,000 USD: when it holds, he maintains his bullish view; when it breaks, he believes pressure on the bulls and the risk of further declines will increase.EMA50、MA50 and “bullish fractal” are technical-analysis concepts he uses to assess market structure and do not guarantee that prices will move as he expects.
Why it matters to readers
76,000 USD was designated by the trader as an important level for determining whether his recent bullish view is valid; whether the price holds this level will affect his assessment of short-term risks.
Beginners may regard these price levels as the trader’s personal framework for observation, rather than certain predictions or trading instructions; his publicly disclosed positions also cannot prove that the same strategy is suitable for others.
Risks and unknowns
76,000 USD Support, 67,000 to 69,000 USD decline range, and the continuation of the bull market are all Doctor Profit’s views; the article contains no independent market-data verification.
The article does not specify what the purported “black swan event” was.
The article says that recent market action triggered massive liquidations and panic selling, but provides no liquidation figures or independent evidence.
The authenticity, size, and subsequent changes of the positions he reported cannot be confirmed from this article alone.
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The evidence only states October 31, and the year is not explicitly specified in the main text.
Related concepts
EMA50
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