Bitcoin Traders Are Ramping Up With Long Positions

At least according to open interest and price action statistics, cryptocurrency traders have been increasing their long bets on Bitcoin. For Ethereum, things are different because there is evidence of profit booking around about $1650. The open interests (OI) in future derivatives for Bitcoin point to a promising 2023. Additionally, the funding rates have been positive thus far, reflecting traders' long positions in bitcoin.

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Recently, as investors overlooked the alleged US regulatory crackdown and the CPI statistics, along with ETH and many other cryptocurrencies, the demand for Bitcoin has surged as BTC has gained. Bitcoin has gained the support of many traders and investors.

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Rekt Capital, based in New York, tweeted that Bitcoin is "coming close to breaking the Macro Downtrend," indicating that it is now appropriate to adopt a long-term positive outlook.

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Michael van de Poppe, the CEO and founder of Eight, is another supporter of Bitcoin. In a bullish market, he claimed, declines in the cryptocurrency market are typically quite brief. Usually, after testing higher time frame levels, the market surges upward. "Breaking $25K, and we'll continue toward $30-35K for BTC," Michael Poppe stated. 

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According to Material Indicators, a renowned US-based market data analytics firm, Bitcoin will correct around the $25K mark, but if it breaks that level, it will surge fast to $28K. A data analysis company tweeted:

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They just laddered asks up to $28k, contrary to my expectations that they would reject me at $25k and dump me to make room for volatility around the 8:30 am ET #Jobless Report. They can quickly take advantage of the upward illiquidity if they raise $25k.

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Risk can be reduced if you can recognize the game. #FireCharts 

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The billionaire cryptocurrency investor Novogratz told Trade Algo in an interview that the recent Bitcoin price movement has encouraged the community. By the end of March, the BTC price will reach $30K as more people invest out of FOMO. Galaxy Digital's CEO said:

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It wouldn't surprise me if we reached $30K by the end of the quarter when I consider the price action, the excitement of the people phoning, and the growing FOMO.

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Given that there is a limited market quantity of bitcoin, supply and demand will decide its price. According to experts, the following things will affect the price of Bitcoin during the next ten years:

• Bitcoin might be accepted as a legitimate payment method in several nations.

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• Several businesses view BTC as a financial asset.

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• numerous nations have legalized the use of cryptocurrency.

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• Bitcoin offers cheaper transaction costs and faster transaction speeds than banks.

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• The United States' monetary policy Government Reserve.

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• According to the forecast for the price of bitcoin, the highest trading value will be around $35K and the minimum trading value will be $18K in 2023.

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For the following two years, the price will rise sharply. BTC will continue to trade at $40,400 on average, with a higher target price of $51,438 in 2024. In 2025, the Bitcoin will continue to have a higher value. The predicted pricing indicates that the value of one bitcoin will range from $34,692 to $64,780. Even in the upcoming five years, substantial increase is anticipated (2025-2030). In 2030, the price of one bitcoin will reach $86,915, with a low of $74,315.