Analyst who Predicted Bitcoin Bottom at $3k Now seeing Price Surging to $14,000

  • Bitcoin price down but still looking promising
  • CME Bitcoin futures seeing conditions that have preceded periods of positive risk-adjusted returns historically

On Thursday, the bullish flag on the Bitcoin price chart was broken to the upside but it ended up rejected by the resistance present at $9,600. And now, we are back at $9,300 level. Volume on top ten exchanges with real volume has also dropped to half of its level.

However, Mati Greenspan, founder of Quantum Economics in his daily newsletter said Bitcoin is still “quite promising” as prices remain above the 200 DMA and outside of the downward channel.

This is why any drop in price we see is a buy the dip opportunity.

According to market analyst, Benjamin Blunts, who called for Bitcoin’s bottom at $3,000 in June 2018, this ongoing bull run will see Bitcoin going to at least $14,000.

“From a macro POV we can see a very clear 5 wave rise from the 6k lows breaking key down trend. Considering the rise from the 2018 lows was also 5 waves we would expect this next bull run to at minimum break the 14k highs,” said Blunts.

Bitcoin futures and options market growing

In the meantime, the Bitcoin futures market is also recording strong volumes. In July, the open interest on CME Bitcoin futures was at it highest at 6075 BTC. In late Dec., it went down to 3186 BTC. But in the first week of January, the open interest on CME jumped to 5400 BTC though it is currently under 5000 BTC.

The major market participants are leveraged funds, other reportable, and non reportable where the COT Report analysis by Market Science shares leveraged funds — the largest players in the CME futures markets — positioning has receded back towards historically net short levels. While non-reportable positions remain on the long side of their historical averages, other reportable positions are nearly as long as they’ve ever been.

“These conditions have preceded periods of positive risk-adjusted returns historically,” says the report.

When it comes to options, it is growing at a fast pace as well but not for Bakkt. Bakkt bitcoin options have been a flop however, they could build up volumes later on as happened with its futures.

Popular options platform, Deribit meanwhile has been gaining traction lately. Although they have started to lose a bit of market share because of new entrants in the market (CME and Bakkt), volume is still surpassing $1 billion a month.

This article is Originally posted on CoinCentral.com
Author: AnTy

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