And it has started…
With this move, trading volume saw a jump as well, going from $175 million earlier in the day to the current $321.4 million. During the weekend, the trading volume fell to $150 million.
But this move, though on the downside is bringing some volume back in the market.
This is good for bitcoin. Finally higher volume action
— Majin (@majinsayan) December 16, 2019
Interestingly, just a few hours before this move, CME introduced additional bitcoin futures maturities to “manage bitcoin-related risk.” From now on, the listing cycle also includes six consecutive monthly contracts that involves the nearest two December contracts as well.
CME is also launching options on Bitcoin futures on January 13, 2020 on the back of “strong demand” and growing interest in cryptocurrencies.
Additional CME Bitcoin futures maturities now available to help you manage bitcoin-related risk. The listing cycle now includes six consecutive monthly contracts inclusive of the nearest two December contracts. https://t.co/Q6ndOvbyMx pic.twitter.com/lsFwwkuNgz
— CMEGroup (@CMEGroup) December 16, 2019
“We're Just Getting Started”
This time Ethereum led Bitcoin with a few minutes headstart.
— Hsaka (@HsakaTrades) December 16, 2019
But according to popular trader Majin, Bitcoin is just getting started with $6,900 being tested on the cryptocurrency exchange Bitfinex. However, “this 6.9 wall will get munched.”
“We're not done. We're just getting started,” said Majin.
I guess bitcoin is the grinch this year.
— The Cryptomist (@TheCryptomist) December 16, 2019
BTC longs on Bitfinex meanwhile going Parabolic
As we reported, Bitcoin longs on Bitfinex have been hitting an all-time high while shorts are nearing their all-time low.
If these longs get squeezed, we can drop to low $5,000s however, trader Josh Rager sees it highly unlikely that price will nosedive straight to mid to low $5ks right now. According to him, there would be a lot of bounces on this journey to the fall.
— Jonny Moe (@JonnyMoeTrades) December 16, 2019
A Buy the Dip Opportunity like never before?
Trader and analyst Tone Vays meanwhile already stated that Bitcoin would be breaking down below $7,000. This “low” he said would be the best time to buy the dip that won’t be coming for years to come.
Will do Trading #Bitcoin Video in about 12 hours… No need to assume, I'll just say it –> Bear!, $7k should break down, saying it now cause it might do it while I'm asleep, if you prepared for this this $BTC low, it should be the best time to "Buy the Dip" for years to come
— Tone Vays [Vegas – Unconfiscatable.com] (@ToneVays) December 16, 2019
However, this former Wall Street has been bearish on Bitcoin price throughout 2019 when BTC was rallying. He even bet 100 BTC that Bitcoin will drop below $2,000 before 2024.
Then last month, he said in order for this to be a bull market, we need to see a “very clear pullback of 30% and a sustained higher low.” This would put BTC somewhere between $4,000 and $5,000.
Just like Vays, another analyst is bearish on BTC and expects a new low for the world’s leading cryptocurrency.
Magic Poop Cannon expects BTC to drop to $3,000 level which he says would have the crypto market experience the exodus that the Internet did in 2000.
The internet boom cause the dot com bubble, which ruptured in 2000, causing widespread bankruptcies for "internet companies." We've seen a bear market, but not one that causes widespread bankruptcies for "crypto" companies. Crypto needs the exodus that the internet had in 2000.
— MAGIC (@MagicPoopCannon) December 15, 2019
Mati Greenspan, founder of investment firm Quantum Economics newsletter and former eToro analyst, however, has just this to say, the current drop puts the BTC price where it was less than a month ago and “Any movement within this range is irrelevant in the long run.”