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Categories: Bitcoin
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February 5, 2020

$100,000,000 in Bitcoin (BTC) Longs About to Be Liquidated, Warns Cryptocurrency Strategist

By Daily Hodl Staff

A popular crypto analyst is sending out an alert about Bitcoin’s price in the short term.

The strategist and technical trader known as Mac says BTC will likely hit resistance at about $9,800, an area it last touched in November of last year.

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After that, he expects BTC to retrace to around $8,500, filling a CME futures gap.

“BTC is gonna dump hard this week and over $100M in longs will get wiped. Don’t say I didn’t warn you.”

Source: Twitter

CME gaps are created on weekends, when CME trading stops and Bitcoin trading continues around the clock.

On Mondays, when CME trading resumes, the price of BTC on CME has to jump to match Bitcoin’s most current price. A recent study by the crypto research firm Market Science found that those price gaps are typically filled 95% of the time.

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On the flip side, fellow analyst Josh Rager is looking to see if BTC can hold above $9,550.

If the leading cryptocurrency can close above that “magic” number, he says there is little resistance keeping BTC from shooting to $10,000.

“BTC erasing the last three days of loss with one candle.

The magic number is to still get above the $9,550s, with a close above there, the price would likely continue upward as there isn’t a lot of resistance before $10k.”

Source: Twitter

At time of publishing, Bitcoin is at $9,626, according to CoinMarketCap, up 4.76% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.