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Crypto Analyst Says Bitcoin Longs at a Nine-Month High

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  • Vladislav Sopov
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    Bitcoin’s bearish trend has been looking very interesting these days. Now, analysts are trying to compete against one another with optimistic forecasts.

Crypto Analyst Says Bitcoin Longs at a Nine-Month High
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Contents

The situation with buy (long) and sell (short) positions on the derivatives market is not an extinction. Mati Greenspan, Founder of Quantum Economics and former Senior Market Analyst at eToro, treats the figures on this market as a sign of optimism.

Bitcoin Longs for Lambo Moon

Recently, Mr. Greenspan mentioned the situation at the Bitfinex exchange, emphasizing the long and short positions for Bitcoin (BTC). The data from this service clearly shows that there is a bullish movement building right around the corner, with sell (short) orders plummeting on the exchange.

Mr. Greenspan also pointed out that the buy (long) positions for BTC/USD spiked yesterday to levels not seen since February. The sell (short) positions for BTC have dropped off and are continuing to fall, reaching an all-time low.

Thus, Mr. Greenspan states that the outbreak of a bullish movement will occur soon. When asked to explain his prediction, Mr. Greenspan ironically foretold what the community should be prepared for:

Longs are high. Shorts are low. Lambo moon sir. Green means go. Not trading advice.

Poor Indicator 

The forecasts made by Mati Greenspan were criticized from several different perspectives. Opponents of Mr. Greenspan drew attention to the liquidity law at Bitfinex. The exchange service, with its low liquidity, are usually subject to market price manipulations.

It should also be pointed out that the "longs massacre" occurred four days ago on the BitMEX exchange, in which $180 million dollars was liquidated on BTC long positions.

👉MUST READ

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst

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  • Yuri Molchan
    📰 News

    A crypto analyst says that Bitcoin follows ‘standard crypto games’ and expects BTC price to surge to $8,200 before making a market reverse

Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

After Bitcoin bulls reclaimed the $7,400 level earlier, the flagship currency is holding in the $7,500 area. A crypto analyst says that these are ‘standard crypto games’ – Bitcoin is likely to surge into the $8,000 area before plunging again.

Bulls, get ready to rock - $8,200 on the horizon

At press-time, Bitcoin is swapping hands at $7,544. For a long while prior to that the price was trading flat in the $7,200-$7,300 area.

However, on Friday, the Bitcoin price managed to recover to the $7,500 level.

BTC price CMC
Image via CoinMarketCap

The analyst @CryptoMichNL reckons that Bitcoin is following a standard pattern of the volatile crypto market and is going to please the bulls before giving them a nasty surprise of a bearish reversal.

‘Bitcoin halving is the main catalyst’

The next Bitcoin halving programmed by Satoshi Nakamoto, the Great and Terrible, is to happen in May 2020. Many in the community believe it to accelerate the Bitcoin price surge since miners have not priced it in.

👉MUST READ

Tim Draper Says His $250,000 Bitcoin Price Prediction Is Not Based on Halvening

Tim Draper Says His $250,000 Bitcoin Price Prediction Is Not Based on Halvening

Doubts about the BTC halving impact

However, a co-founder of the Morgan Creek Digital Jason Williams, the less Twitter-active than his colleague Anthony Pompliano, reckons that the Bitcoin price is likely to dip after the halving. The thing is that miners are going to get twice as fewer BTC for each new block than now and many of them are going to have to sell their BTC to pay the bills.

Besides, chances are high that small mining pools will quit since mining will stop giving them enough profit.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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