• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Bitcoin Never Look Back Indicator
Nexo

Bitcoin Highly Unlikely To Nose Dive To $5k Right Now, Analyst

Emilio Janus by Emilio Janus
3 years ago
in Bitcoin, Bitcoin Price
0
Advertisement

Crypto-trader and Blockroots co-founder, Josh Rager, believes it is highly unlikely we will see bitcoin price nosedive straight to $5k. Whilst he doesn’t rule out a drop to this level, in his opinion “there would be bounces in between.”


Bitfinex Long Jump No Cause For Concern

Rager was posting in response to a chart showing a massive increase in open long positions on the Bitfinex exchange. In the past three weeks these have broken out and jumped 64%, compared to a more natural ebb and flow over the past three months.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

$BTC Bitfinex Longs

A lot of people are over-focusing on this chart and giving it way more credit than it needs

Bitfinex from my understanding allows users to trade up to 3.3x leverage

Meaning BTC price would have to move down to mid to low 5ks minimal to liquidate these longs pic.twitter.com/s5VJtKsBqz

— Josh Rager 📈 (@Josh_Rager) December 12, 2019

Addressing concerns of increased exposure, Rager suggested that many people were over-focusing on the chart. Given Bitfinex’s maximum leverage, he speculated that bitcoin price would have to drop into the mid to low $5,000s to liquidate these longs.

A nosedive straight down to this level was highly unlikely right now, he said, as any such fall would see bounces in between. Better to watch BitMEX funding rate and open interest as an indicator of sentiment in the bitcoin market, he concluded.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Tough Times Ahead for Bitcoin before $100K

As Bitcoinist reported yesterday, veteran trader Tone Vays predicts a potentially rocky time ahead for bitcoin. Based on decreasing weekly highs and weekly lows, Vays suggested that if support at $7,100 and $6,900 doesn’t hold then it is “Time to pray.”

Fellow veteran trader, Peter Brandt, also believes that the short term outlook for bitcoin could be bearish. Brandt stated that if the current price correction continues, bitcoin might bottom out at $5324 in June 2020.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

However, Brandt also posited a scenario in which bitcoin immediately turns bullish again, with new all-time highs coming as early as next year.

In either case, Brandt’s long term outlook gives cause for more optimism. He believes that bitcoin will stick to the bullish narrative for the next few years until it breaks $100k.

Where do you think Bitcoin price is heading over the next year? Add your thoughts below!


Images via Shutterstock, Twitter @Josh_Rager

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Emilio Janus

Emilio Janus

Related Posts

Reports Show Alexander Vinnik, BTC Exchange Operator Extradited To The U.S.

Reports Show Alexander Vinnik, BTC Exchange Operator Extradited To The U.S.

10 hours ago
Bitcoin

Bitcoin Is A ‘Remarkable Cryptographic Achievement,’ Ex-Google CEO Says

15 hours ago
Touadéra, a coin with Binance's logo

Binance’s CZ Visits The Central African Republic, Meets President Touadéra

1 day ago
Data Shows Bitcoin Still Highly Correlated With Stock Market

Data Shows Bitcoin Still Highly Correlated With Stock Market

2 days ago
Fintech

Fintech Firm Revolut Unfazed By Bear Market, Hires 20% More Crypto Talent

2 days ago
Tourism In El Salvador Rises Regardless Of The Bitcoin Bear Run

Tourism In El Salvador Rises In Spite Of Bitcoin Bear Run

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.