Well-known trader: Bitcoin is at a local bottom, maintains its target of $94,000.

Well-known crypto trader Doctor Profit revealed in a post that he has completed building a long position in Bitcoin (BTC) across the $80,000–$81,000 range, with an average entry price of $80,400, and his price target remains $94,000. He is also holding onto his Bitcoin spot positions, which have an average cost basis of $60,000–$64,000. According to Profit, the $80,000–$81,000 zone, extending down to $79,000, serves as an accumulation area and local bottom. His reasoning: this region has stronger spot demand, long positions are being built gradually, while most retail investors are clearly bearish. On institutional holdings, he noted that the average purchase cost for Bitcoin treasuries is roughly $80,200, with combined costs for treasuries and U.S. spot Bitcoin ETFs falling between $80,000 and $81,500. As of October 20, spot buy orders near the $80,000 level on Binance have re-accumulated, while the pace of realized profit-taking has dropped to about half of its September peak, he added. From this, he concludes that recent selling pressure stems mainly from retail investors, futures short sellers, and some short-term holders, while medium and long-term buyers who entered positions in the $60,000–$70,000 range are still inclined to hold their Bitcoin. Technically, Profit wants to see Bitcoin reclaim its 50-day Exponential Moving Average (EMA50) and close above it on a daily chart, but emphasized that even if this does not materialize immediately, it will not change his view on the local bottom. Additionally, he cautioned to watch the U.S. Federal Reserve’s interest rate decision scheduled for October 28.