Analyst Warns Of Crypto Market Turbulence: Could Bitcoin Value See 20% Drop?
Portfolio Pulse from Murtuza Merchant
CryptoQuant's J. A. Maartunn warns of potential crypto market turbulence, citing a metric that currently stands at $13.8 billion, which could be a precursor to market turbulence. Historically, whenever this metric crossed the $12.2 billion mark, it led to at least a 20% drop in Bitcoin value. CryptoSlate's James Van Straten also noted a significant uptick in the open interest in Bitcoin, which may indicate a shift in investor sentiment or the adoption of defensive strategies amidst market uncertainty.
November 07, 2023 | 6:08 pm
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Bitcoin value could see a 20% drop if the aggregated open interest of all cryptocurrencies, excluding Bitcoin's, crosses the $12.2 billion mark.
The analysis by CryptoQuant's J. A. Maartunn suggests that a rise in the aggregated open interest of all cryptocurrencies, excluding Bitcoin's, above $12.2 billion could lead to a 20% drop in Bitcoin value. This is based on historical data.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Crypto exchange Binance has an open interest of around 113,500 BTC, indicating high market activity.
The open interest in Bitcoin on Binance is notably high, indicating increased market activity. This could be a sign of a shift in investor sentiment or the adoption of defensive strategies amidst market uncertainty.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 60