Famous trader: Bitcoin is at a local bottom, maintaining a target of $94,000

Well-known trader Doctor Profit stated that he has completed building long positions in Bitcoin in the range of $80,000 to $81,000, with an average entry price of $80,400, and the target remains $94,000. At the same time, he continues to hold Bitcoin spot with an average cost in the range of $60,000 to $64,000. In his view, the area of $80,000 to $81,000, extending down to $79,000, belongs to the accumulation zone and is also a local bottom. His reasoning is that the spot demand in this area is stronger, long positions are gradually being established, while the sentiment among most retail investors is clearly bearish.

Regarding institutional positions, he indicated that the average buying cost for Bitcoin reserves is about $80,200, and the average buying cost for reserves and U.S. spot ETFs is roughly in the range of $80,000 to $81,500. He also mentioned that spot buy orders around $80,000 on the Binance platform have been re-accumulated, and the speed of profit-taking has dropped to about half of the peak in September. Based on this, he judges that recent selling pressure mainly comes from retail investors, futures shorts, and some short-term holders, while medium to long-term holders who bought in the range of $60,000 to $70,000 still tend to hold their coins. Technically, he hopes to see Bitcoin regain its position above the 50-day exponential moving average (EMA50) and close above it on the daily chart, but he stated that even if this has not yet been achieved, it will not change his judgment on the local bottom. Additionally, he reminded to pay attention to the Federal Reserve's interest rate decision.