[Renowned Trader: Bitcoin at Local Bottom, $94,000 Target Remains] BlockBeats reports on October 28th that renowned trader Doctor Profit stated he has completed long positions in Bitcoin within the $80,000 to $81,000 range, with an average entry price of $80,400, and the target remains $94,000. He also continues to hold Bitcoin spot positions with an average cost of $60,000 to $64,000. In his view, the $80,000 to $81,000 range, extending down to $79,000, is an accumulation zone and a local bottom. His reasoning is that spot demand is stronger in this area, long positions are gradually being built, and most retail investor sentiment is clearly bearish. Regarding institutional holdings, he stated that the average purchase cost for Bitcoin treasury holdings is approximately $80,200, while the average purchase cost for treasury holdings and US spot ETFs is roughly between $80,000 and $81,500. He also mentioned that as of October 20th, spot buy orders near $80,000 on the Binance platform have accumulated again, and the rate of profit-taking has decreased to about half of what it was near the September high. Based on this, he judged that recent selling pressure mainly came from retail investors, futures short sellers, and some short-term holders, while medium- to long-term holders who bought in the $60,000 to $70,000 range are still inclined to hold their positions. Technically, he hopes to see Bitcoin rise above the 50-day exponential moving average (EMA50) and close above it on the daily chart, but stated that even if this doesn't happen immediately, it won't change his assessment of a local bottom. Furthermore, he reminded investors to pay attention to the Federal Reserve's interest rate decision on October 28th. [Original Link]