Trader Doctor Profit stated that Bitcoin is at a local bottom between $79,000 and $81,000, and he has already established a long position at $80,400 with a target price of $94,000. He holds spot positions with a cost basis between $60,000 and $64,000, noting that institutional holdings have a cost basis of approximately $80,200 to $81,500. As of October 20th, spot buy orders around $80,000 on the Binance platform have accumulated again, and the pace of profit-taking has slowed. Currently, selling pressure mainly comes from retail investors and short-term holders, while medium- to long-term holders tend to hold their positions in the $60,000 to $70,000 range.
