Bitcoinist.net:
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.
$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…
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Source: https://bitcoinist.com/bitcoin-highly-unlikely-to-nose-dive-to-5k-right-now-analyst/
