Bitcoin Whales Steer Clear Of Significant Short Positions, Show Confidence In Price Surge
20 Février 2024 - 10:30PM
NEWSBTC
Bitcoin traders are exhibiting cautious optimism as they refrain
from “substantial short positions,” expecting continued price
surges, according to analysts from Bitfinex this week’s Alpha
report. Despite Bitcoin’s notable surge that brought the asset to
trade as high as above $52,000 for the first time since 2021,
analysts note a decrease in the short-squeeze ratio compared to
previous years. The reason behind this declining short-squeeze
ratio is revealed in the report. Whales Shun Short Positions Amid
Bullish Sentiment Analysts at Bitfinex Alpha report that large
whale investors are refraining from “substantial short positions”
due to their belief that prices will only continue to increase
further. Related Reading: The Bitcoin “Big Money Algos” Are Here:
Will BTC Breach $70,000? The current market conditions are
characterized by “tightening supply and increasing demand,” further
supporting the bullish sentiment among traders. According to the
Bitfinex Alpha report, the behavior of Bitcoin holders suggests the
emergence of early bull-market conditions. This is evidenced by a
reduction in the volume of long-term holder supply experiencing
losses, a trend that correlates with the ongoing rise in the
asset’s price. This observation suggests a positive outlook for
Bitcoin’s price trajectory in the near term. The report noted:
Currently, less than 6% of the aggregate long-term holder supply by
individual entities are held at a loss. Historically, similar
instances where the long-term holder cohort held a comparable
volume of Bitcoin in loss have been indicative of early bull market
conditions. Bitcoin Trajectory And Investor Sentiment In the past
24 hours, Bitcoin has experienced a slight retracement of nearly
2%, following a week-long uptrend that propelled its price to trade
above $52,000 for the first time since 2021. Despite this retrace,
investors remain optimistic, with ongoing asset
accumulation amid bullish predictions from analysts and
experts. Renowned financial guru Robert Kiyosaki recently made
headlines with his bold prediction that Bitcoin will reach $100,000
by June 2024, further fueling optimism in the crypto community.
BITCOIN to $100k by June 2024. — Robert Kiyosaki (@theRealKiyosaki)
February 18, 2024 Moreover, recent whale activity in the Bitcoin
market has caught the attention of analysts and investors alike.
Crypto analyst Ali Martinez recently revealed that a specific class
of Bitcoin investors, holding between 1,000 and 10,000 BTC, has
accumulated the digital asset in recent weeks. Related Reading:
Bitcoin’s Golden Projection: Analyst Envisions $600K Price Tag,
Assessed In Gold Ounces Data from on-chain analytics firm Santiment
shows that whales in this category have added over 140,000 coins to
their holdings in the last three weeks, equivalent to a substantial
$6.16 billion. #Bitcoin whales have been on a buying spree,
acquiring 140,000 $BTC over the past three weeks, amounting to
$6.16 billion! pic.twitter.com/ViRnYiJHmp — Ali (@ali_charts)
February 10, 2024 This accumulation trend among whales reflects
confidence in Bitcoin’s long-term potential and is a positive
indicator for its future price trajectory. Featured image from
Unsplash, Chart from TradingView
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