The Bitcoin price is exhibiting a “Bart Simpson” trend as shorters take advantage of its short-lived bullrun to near $4000, Adam Back has said.
Bitcoin Falls Away From $4k
In social media comments February 25, the HashCash inventor and Blockstream CEO said that leverage-based platforms such as BitMEX were broadly responsible for the volatility which has characterized Bitcoin over the past week.
“It’s a ‘Bart’ Simpson price formation, suspected to be triggered by overuse of leverage (for example) on (BitMEX) and other high leveraged platforms. Short-squeeze followed by long squeeze,” he summarized.
The largest cryptocurrency gained over 10 percent to pass $4000 on some exchanges, only to fall to near previous levels once again Monday.
At press time, BTC/USD 00 traded around $3770, taking 24-hour losses to just over 9…