Bitcoin Longs reached its All-time high on BitFinex: a big move is expected
The number of Bitcoin long positions has been increased to an unprecedented level. It is observed on the crypto exchange BitFinex that numbers have touched the mark of 43,000, the all-time high.
From the past two weeks, the BTC longs started to surge and now, reported that it has reached its all-time high. The unnatural behavior is not the signal of good news on the part of the digital gold. This parabolic surge move might result in a long squeeze and value may down further.
In March 2018, the number of long positions on BitFinex reached its ATH but this time, it has left behind that figure and set a new record. This time, it surged to the position of 43,000 after a great accumulation phase which took place in the past few weeks. The trend line which is exhibiting the giant parabolic movement does not seem to stand for a longer period of time.
The data shows that longs have been surged by 23% in the past two weeks. The month of December has triggered the BTC longs as people have imagined that with the start of the new year, Bitcoin will show a great move in the upward direction. With the start of December, longs increased by 40% in just a few days.
The odd behavior of the longs’ movements is not showing a positive response in the future. This may end with the bitcoin crash and results in a long squeeze of the value. This is because, most of the time, such odd moves resulted in a drop in price.
Current Price Speculations for BTC
Traders and analysts have mixed speculation about the future price. A crypto expert claims that it will first go to $4,400 and then it will set its direction upward. A similar analysis is also put forth by another expert that BTC will touch the figure of $5000 at the end of 2019.
Currently, the price value is standing at around $7,100. To start its journey towards a bullish trend, it has to break the level of $8,000 and then at $10,000.
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