China News by Thebittimes.Com

A closely followed crypto strategist thinks that Bitcoin (BTC) is presenting a golden opportunity to long-term holders. Pseudonymous analyst Inmortal tells his 212,900 followers on the social media platform X that he sees Bitcoin rallying to a fresh all-time high in the coming weeks. According to the trader, the current Bitcoin consolidation is giving long-term BTC bulls a chance to accumulate at a level that offers a very favorable risk-to-reward ratio . “Gene ratio nal long entry BTC.” Source: Inmortal/X Based on the trader’s chart, he appears to predict that Bitcoin will rally to as high as $76,000 in the near term as long as support at $60,000 holds. The analyst also thinks that Bitcoin will not end its rally below $80,000, and believes BTC can print gains of as much as 119% from current levels before the bull market hits its highest note. “Three KEY IDEAS ON BTC: 1. We are NOT early, but if you already have bags, I think we still...

BTC traders at Bitfinex and OKX are unwilling to use margin markets for bearish bets, creating an alarming imbalance that investors should pay close attention to. Crypto traders' urge to create leverage positions with Bitcoin (BTC) appears irresistible to many people, but it's impossible to know if these traders are extreme risk-takers or savvy market makers hedging their positions. The need to maintain hedges holds even if traders rely on leverage merely to reduce their counterparty exposure by maintaining a collateral deposit and the bulk of their position on cold wallets. Not all leverage is reckless Regardless of the reason for traders' use of leverage, currently there is a highly unusual imbalance in margin lending markets that favors BTC longs betting on a price increase. Despite this, so far, the movement has been restricted on margin markets because the BTC futures markets remained relatively calm throughout 2023. Margin markets operate differently from futures con...