Technical analyst and BLOCKTV reporter Joe Saz says he doubts Bitcoin’s surge is over.
According to Saz, BTC bulls are likely to keep charging after liquidating millions of dollars worth of short positions in the last 24 hours.
“I think that this can keep going. There’s nothing stopping it. I don’t want to go too far into the clouds here, but there might have even been $100 million plus dollars in liquidations overnight…
I saw a lot of $10 million in short liquidations. So what does that mean? It means a lot of people were betting that we were headed down and they got completely smashed in the face. So I don’t recommend to enter any short or long positions.
If you’re going to trade, be defensive, trade with small amounts if you’re shorting or longing. Or if you’re spot trading then at least whatever you’ll buy you’ll keep. You won’t get liquidated. So maybe you can be a little more risky there. I won’t be considering some more buys and let this run go until it’s completely out of steam.”
— BLOCKTV (@BLOCKTVnews) June 16, 2019
Meanwhile, Circle CEO Jeremy Allaire says he believes Bitcoin will surpass $10,000 in a matter of days.
Allaire says Facebook’s entry into crypto is giving BTC street cred, with the potential to introduce the social media giant’s 2.38 billion monthly active users to the emerging technology.
Crypto market rallying (again) ahead of Libra launch, marking a massive inflection point in global adoption of cryptocurrency. BTC > $10k by June 21st, marking start of Crypto Summer.
— Jeremy Allaire (@jerallaire) June 15, 2019
Facebook has reportedly recruited a long list of major companies to back its crypto stablecoin, including Visa, Mastercard, PayPal, Uber, Spotify and eBay.