Crypto Trading Expert Analyzes Bitcoin Shorts vs Longs, Expects BTC Price to Skyrocket Soon
Bitcoin Price Expected To Increase Soon
Following the recent surge on Bitcoin’s price that saw the BTC/USD exchange rate surpass the $7,000 mark, online commentators are speculating on the factors that will affect the longevity of this bullish market. Notably, the prospectively impending sell-off of BTC stored in a dormant wallet with with over 110,000 BTC (about $800 million) has had a negligible effect on market confidence, unlike last year’s Mt. Gox Bitcoin sales that propelled the price of BTC to nearly $20,000.
Reportedly, the demand for large Bitcoin trades involving over 100 BTC has increased by a significant margin. In this regard, popular Twitter crypto enthusiast, CryptoRampage, tweeted that it is surprising that large-scale buying is at a record high while longs are going down. He added that the cumulative effects of the current market situation is likely to result in a magnificent short squeeze. The vocal crypto advocate predicted a short bullish period for BTC, citing the recent increase of un-leveraged buying.
In recent months, Bitcoin investors have anxiously been waiting for the markets to turn into their favor following the numerous bullish predictions made by prominent figures such as Tom Lee. Although the price of Bitcoin fell back to $6,500 after rising to over $8,000 in mid-July, Tom Lee maintained his stance that the cryptocurrency will end the year at the $20,000.
The optimism expressed by Tom Lee has been seconded by many other eminent crypto investors. For instance, SFOX trading boss predicted that Bitcoin will soon become more stable, mainly because of the involvement of institutional investors. Precisely, he mentioned that corporate institutions will stabilize the fluctuation trends associated with BTC’s prices. In the long run, Bitcoin will become similar to stable coins, thereby realizing the original vision of its founder, Satoshi Nakamoto, of becoming a currency that facilitates an accessible peer-to-peer electronic cash system.