Analyst: Data show Bitcoin long positions are rising strongly
Since Bitcoin started falling last July and fell to $ 6 by mid-December. 400 Analysts are wondering when the bulls will enter the field and push the cryptocurrency back up.
According to the institutional investment data in the form of the Commitment of Traders Report for the CME, which has its own Bitcoin derivatives, the bullrun could start again soon.
Asset Managers Increase Bitcoin Longs
The prominent crypto trader Cantering Clark recently drew attention to a very bullish trend on Twitter. He noted that, according to Commitment of Traders data, there has been a “dramatic increase in long positions” for traders who are considered “asset managers”. In fact, according to Cantering Clark, this figure is the highest since July.
While some might see this as a sign that asset managers are too optimistic too quickly, the trader noted that this is a “pattern similar to the beginning 2019 ”, with a sudden increase in longs below 100 BTC on over 300 BTC.
Similar pattern to what we saw in early 2019.
Commitment of Traders Report for the CME.
Dramatic increase in longs by Asset Managers.
Highest since July. These are not “fast money” $ BTC pic.twitter.com/RviHA4W9ZW
– Cantering Clark (@CanteringClark) 11. January 2020
Although Cantering Clark did not take a specific position on what this means for the Bitcoin market, the week (early April 2019) a very similar increase in asset manager long positions on futures contracts of CME took place. Bitcoin started a 330% rally on $ 14. 00 0th
Not the only bullish sign
This is not the only signal that indicates that the market is about to explode higher again. Fundstrat Global Advisors, a top market strategy company based in New York, recently released its Crypto Outlook for 2020.
Although the company has not published the entire report, it has provided an insight via Twitter. According to this, the company believes that there are three fundamental factors that Bitcoin will face in the upcoming 12 months will increase by more than 100%:
We published our 2020 Crypto outlook and made the full report available for our clients.
– bottom line: financial markets tend to discount 1-3 months, and maybe 6 months (max). So highest probability is halvening not priced in
Cc: https://t.co/YRDQQ7TSzv $ BTC #bitcoin #BTFD pic.twitter.com/i6sOIVQoc0
– Thomas Lee (@fundstrat) 10. January 2020
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