Bitcoin (BTC) will “explode” in price once it hits $13,000, one trader believes as Bitcoin futures trade at 6% above spot price. In a tweet on Aug. 18, the derivatives trader JSterz highlighted “extreme” Bitcoin futures spreads as a sign that an intensely strong bullish advance may soon arrive.
Currently, Bitcoin futures contracts expiring in March 2021 are priced 6% higher than the BTC/USD spot price at around $12,280. “It seems extreme to see BTC-Mar21 trading 6% above spot,” JSterz summarized.
“We have been at this level about four times since 2017. If #BTC breaches 13k+ this thing is going to explode.”
Open interest for a basket of trading platforms hit new all-time highs on Monday, beating a previous record from mid-February, before March’s coronavirus-induced crash. “Note the changes in market share of OI,” Ikigai fund manager Travis Kling commented, uploading an overview chart to Twitter.
Institutional investment in Bitcoin remains a major topic of conversation among supporters this month, following a dramatic buy-in from multibillion-dollar MicroStrategy in late July.
Asset manager Grayscale has seen record investment in its various cryptocurrency funds, as Bitcoin outperforms gold as a fiat hedge.
On Monday, a sudden swing above $12,000 was assumed to be a red herring, but the higher levels have since held.
Bitcoin Price Will ‘Explode’ Says Trader if BTC Breaches $13,000, CoinTelegraph, Aug 18
US CPI data a bit softer than forecasts, sparking brief market optimism, but resistance remains.…
🛢️ Oil prices are finding fresh strength as geopolitical tensions in the Middle East reignite…
Middle East tensions and Venezuelan supply shifts drive Brent crude volatility, with geopolitical risks and…
Crypto market edges up as risk appetite returns; Bitcoin and Ethereum recover, despite investor caution…
The dollar resumed its growth after the lawsuit against the Fed chairman. Rumours of early…
Today is Tuesday, the 13th of January, and we will talk about the natural gas…
This website uses cookies