Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Prominent crypto trader ChimpZoo sees several good reasons why Bitcoin (CRYPTO: BTC) should surge soon.
What Happened: ChimpZoo thinks market conditions have “materially reversed” since his previous bearish prediction three months ago, when Bitcoin was trading at $72,000.
He outlined several key factors that contribute to his newfound optimism.
Technical And Narrative Reset
ChimpZoo suggests Bitcoin has undergone a period of correction, with both price and sentiment moving from euphoria to consolidation.
This “reset” could pave the way for a renewed upward trajectory.
Favorable Funding Rates And Reduced Open Interest
Low to negative funding rates across various altcoins signal a shift in market positioning, potentially indicating a lack of selling pressure.
Additionally, the decline in overall open interest suggests traders are unwinding positions, potentially ahead of a price increase.
2) Sub-neutral or negative funding rates on most alts pic.twitter.com/8gq4TDeJOs— ChimpZoo