- Bitcoin is still in a bullish zone, as suggested by BitMEX’s futures market
- The price of Bitcoin could surge to $50k soon – Su Zhu
- Bitcoin is currently facing a hurdle close to the $6,400
Bitcoin News Today – Bitcoin (BTC) is still higher than it was three days ago, regardless of the retracement from the high of $6,900 on Friday. Three days ago, the world’s largest digital currency by market cap was struggling in the low-$5ks, with fears that the digital currency would plunge further.
A prominent digital currency trader said that a trend has shown up on the futures market of BitMEX that suggests bulls remain in control. This means that the digital currency is still in a bullish zone, but it is now down to the $6,200 zone.
Bitcoin (BTC) Price Today – BTC / USD
The Futures Market of BitMEX Suggests Bitcoin Is Still In a Bullish Zone
Recently, Joe McCann – a crypto analyst and a Wall Street trader turned AI and Cloud specialist at Microsoft – published a note on his telegram channel. The crypto analyst said that the funding rate of BitMEX – the rate shorts pay to longs or vice-versa – is exactly what bulls want to see.
Negative rolling rate, lowest print is very low, high print is not crazy, and the price is quickly regaining steam.
According to McCann, this convergence is likely going to start to see longs “push BTC’s price higher.”
Other Catalysts to Push the Price of Bitcoin Higher
That is not the only analyst to be bullish on the price of Bitcoin (BTC), as several other analysts are bullish on the digital currency. The CEO and CIO of Three Arrows Capital – Su Zhu – said that BTC could surge to $50k relatively quickly, which would signify an increase of 730 percent from its current levels.
This is in theory the moment Bitcoiners have been waiting for
Several EM mkts are now pricing in significant risk of sovereign defaults
USD itself set on an inflationary course it will be hard to turn back from
— Su Zhu (@zhusu) March 18, 2020
Zhu believes that the price of the digital currency will experience such a huge growth in a short amount of time and he also gave his reason why. As to why, he pointed to the fact that several emerging markets are now pricing in significant risk of sovereign defaults. He also said that with the USD set on a course of inflation “it would be difficult to turn back from,” which has been confirmed by the ongoing trends in the bond market. All of these factors only increase the chances of Bitcoin (BTC) to shine.
Bitcoin Is Capped on the Upside
Bitcoin (BTC) is currently stuck under the $6,400 mark, and this is not good for the rally of the digital currency. Josh Rager – a prominent digital currency trader – said that regardless of the recent rally, the candle close on Friday saw BTC close under this level. At press time, the major support of the digital currency is close to the $6k level while its major hurdle is near $6,300 and $6,400.