30s Summary

Bitcoin’s recent surge over $68,000 has some predicting it might challenge its record high, while experts at Hyblock Capital expect a dip before the next significant rise. Data from Binance shows less than half of traders anticipate a future increase in Bitcoin’s value. The number of pending Bitcoin contracts hit a record $39.36 billion on Oct.16. While some view this as a potential danger, others see it as a signal of impending price explosion. Some market watchers hope for a price drop to lower entry points for the next bull market.

Full Article

Hey there, Bitcoin’s leap over the $68,000 mark has got folks hopeful that it’s going to challenge its record high of $73,679. But not everyone is so sure it’s going to be a smooth sailing.

According to Hyblock Capital’s head honcho Shubh Varma, we might need to brace for one more dip before Bitcoin can take another step up.

Varma checked out info from Binance, a digital coin exchange, and found that less than half of all everyday traders are betting on Bitcoin’s value going up in the future. If people start heavily betting on Bitcoin’s value to go up only for it to spiral downwards, it could be bad news.

Looking further, Varma noticed that the total number of pending Bitcoin contracts is at a record level. And this could suggest that the folks expecting Bitcoin’s value to rise might be in for a bit of a shock.

Bitcoin’s pending contracts hit a whopping $39.36 billion on Oct. 16, outdoing its previous 2024 high of $38.8 billion.

But this jump in pending contracts doesn’t really mean there’s a storm coming. Lark Davis, a crypto investor, thinks it could actually be a sign of a huge surge in Bitcoin’s value. More attention and more cash flowing into digital currencies can often kick start big price movements.

Veteran trader Peter Brandt suggested while Bitcoin’s price could go either way. Some experts are crossing their fingers for Bitcoin’s price to drop back to what they were earlier this year, thinking that would be a brilliant chance to buy.

Markus Thielen, the head guy at 10x Research, said, “To ideally time the next bull market entry, we aim for Bitcoin prices to fall into the low 40,000s.”

Just to clear the air, this article isn’t offering any investment advice. Every investment move comes with a risk, so always do your own research before making any decisions.

Source: Cointelegraph