Crypto trader Doctor Profit said Nov. 13 that he is buying Bitcoin (BTC) heavily near $68,000, a level he considers the bottom of the current market cycle.
He described Bitcoin as being in the golden pocket of a Fibonacci retracement and touching its 200-week moving average. Doctor Profit said the 200-week average, viewed alongside Bitcoin's four-year cycle, has been an important signal for identifying bear-market lows over the past decade.
As a precedent, Doctor Profit recalled Bitcoin hovering near $60,000 in June while some traders held bearish views; the price later reached $87,000. He expects Bitcoin not to set another low in the current run. The new buying level is below the roughly $80,000 area where he previously said he was adding to Bitcoin long positions.
Enna Lee
Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to [email protected].
