- Record highs of Bitcoin longs are being recorded on margin high trading platforms all across the crypto space.
- The last time the volume of long positions reached such nights was the night before a four-month bear market.
- So with this in mind, I suppose a bear market is just around the corner, right?
- Not necessarily…
Record highs of Bitcoin longs are being recorded on margin high trading platforms all across the crypto space. The last time the volume of long positions reached such heights was the night before a four-month bear market quickly followed, leaving investors out on their luck and down in the dumps.
So with this in mind, I suppose a bear market is just around the corner, right?
Just because the signs point towards something bad (or good), doesn’t mean it will actually happen. We’ve seen the volatility of crypto and so before we go any further, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
One of the many crypto technical analysts in the space, Cactus was one of the first to notice the increasing number of BTC longs. Speaking to CCN in an interview, the analyst said that despite the feeling of a bullish trend, it could only be a significant pullback in the short-term.
Speaking in the interview, the analyst said:
“Longs for Bitcoin are currently breaking all time high, this level has not been tested in the past 10 months. While people may think this could be a bullish sign that there are a lot of buyers, this is normally not the case. Historically, the market reacts to this situation by liquidating longs before we ever seen our bullish move upwards, meaning we see a sharp sell-off in price action.”
Taking to Twitter this week, Cactus also mentioned BTC longs as he said:
$BTC longs are now coming up to ATH level, been increasingly growing for the past 18 days...— Cactus (@TheCryptoCactus) December 11, 2019
Every time for the past two years that longs have been this overexposed a huge sell-off quickly follows, watching carefully to see how this plays out.
Expecting the worst as always.
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!