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Bitcoin Is On The Verge Of 'A Massive Pump,' Claims Trader

Published 17/06/2024, 17:22
© Reuters.  Bitcoin Is On The Verge Of \'A Massive Pump,\' Claims Trader
BTC/USD
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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.

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