Higher BTC Price Incoming? Bitcoin Traders Open A Lot of Long Positions Quickly
TL;DR
- Bitcoin (BTC) has reached a new 18-month high of around $36,700, prompting a surge in bullish sentiment and futures positions, with total open interest on exchanges hitting $7.2 billion.
- Predictions, including those from experts, analysts, and the AI ChatGPT, suggest BTC could rise further in the coming months based on factors like potential mass adoption, ETF approvals, and the forthcoming halving.
- In parallel, Ripple’s XRP has seen a bullish trend with over $355 million in long positions on Bitrue futures, even briefly surpassing Binance Coin in market cap.
Setting $40K as the New Target?
The price of Bitcoin (BTC) recently started another uptrend, soaring to approximately $36,700 (per CoinGecko’s data). The fresh 18-month peak seems to have boosted additional enthusiasm among market participants.
According to Santiment, traders are currently highly bullish on the asset, with BTC long and futures positions surging substantially. In addition, the total open interest on cryptocurrency exchanges has exploded to $7.2 billion (the highest level since early August).
#Bitcoin, now up +37% in 2 months, has seen its ratio of traders opening #bullish positions (vs. #bearish) hitting 3-month highs. Also, the total open interest on exchanges has ballooned to $7.2B. Ideally, $BTC will continue rising after #FOMO settles. https://t.co/YImIUMGRyl pic.twitter.com/4TyZe5YfFz
— Santiment (@santimentfeed) November 8, 2023
Experts, analysts, and even the AI-powered language model ChatGPT have predicted that BTC could climb higher in the following months, depending on several vital factors. Some of those include potential mass adoption, a possible approval of a spot Bitcoin ETF in the US, and the upcoming halving.
Those curious to observe five price predictions coming from prominent figures could take a look at the video below:
XRP Traders Also Go Long
As CryptoPotato recently reported, some traders are also extremely bullish on Ripple’s native token. Specifically, Bitrue futures traders hold over $355 million worth of XRP, with 91% opening long XRP/USDT positions.
The aforementioned coin has also charted significant gains lately, briefly surpassing $0.73 last week. It also outpaced Binance Coin in terms of market capitalization, but BNB later reclaimed its spot.
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