Betting against Bitcoin (BTC) may not be the wisest decision for any digital asset investor following the cryptocurrency market trends, particularly involving bitcoin and the top cryptocurrencies. Bitcoin
Traders Lose $44 Million in Bitcoin (BTC) shorts
Cryptocurrency news outlet Cointelegraph reported how BTC shorters lost a whopping $44 million in only a few hours earlier today on one exchange. Citing a Reddit thread for cryptocurrency trading, the crypto site noted that users who took short positions against bitcoin on BitMex exchange lost as much as $44 million Monday morning. By taking a short position, traders bet that the price of bitcoin will go down but that wasn’t the case this morning and they lost.
Why You Should not bet Against Bitcoin Now – BTC Price Prediction 2019
There are a number of reasons why this may not be a good time to best against bitcoin (BTC).
2019 is a Bullish Year for Bitcoin (BTC)
The downtrend in BTC price which characterized the crypto market last year is well and truly over. More than that, BTC price has touched several yearly highs leading analyst to speak of a new all-time high before the end of this year. Unlike 2018 which was a bearish trend for BTC, the current year is proving to be a progressive year for bitcoin. Despite the recent slump in prices, BTC is still over 230 percent higher than it was when the year started.
Positive Sentiments towards Cryptocurrency
The positive sentiment towards bitcoin is even buoyed by the increased awareness and interest in cryptocurrency—one coming from an unlikely source, Facebook’s Libra. In addition, institutional involvement in cryptocurrency has not waned as this investor class is tipped to cause a new sustained uptrend in cryptocurrency prices.
Bitcoin Price Today – BTC to USD
At the time of writing, BTC is trading at $12,377 to the USD. BTC live price chart show that BTC price is heading for $12,500 and higher with a day-on-day gain of about 5 percent. In the last 7 days BTC price has risen by 23 percent. Bitcoin market cap is over $220 billion while the bitcoin dominance stands at 63.8 percent of the entire cryptocurrency market cap.
Bitcoin Trend Perplex Analysts – BTC Price Prediction 2019
Bitcoin analysts are becoming uncertain hat bitcoin price will be in the near term. While some are confident that bitcoin will touch new highs by the end of this year, the BTC charts suggest it could go in either direction. Peter Brandt, a veteran stock and cryptocurrency analyst warned that BTC price could nosedive in an 80 percent correction.
“If [the] current parabolic phase is violated, we could expect either an 80% correction of 7-month advance or much smaller correction w/ definition of new parabola w/ shallower slope. $BTC Note formation of possible 2-wk H&S or H&S failure.”
Brandt’s words carry among cryptocurrency followers especially after he successfully predicted the recent bitcoin price surge.
Riccardo Lopp is a writer specializing in Crypto, ethereum and whole blockchain ecosystem. His background is in economics and statistics.