Popular cryptocurrency trader and analyst Ali Martinez has used the X social media platform (formerly known as Twitter) to disclose information that may be advantageous for Bitcoin owners.
According to Martinez’s tweet, Bitcoin has surpassed the critical psychological threshold of $27,900, which is the cost base for short-term investors.
According to the tweet, if Bitcoin continues to trade above this crucial price level, short-term BTC investors who had previously made modest returns might resume making money. The analyst came to the conclusion that this may indicate a shift in the market’s mindset towards bullishness.
https://x.com/ali_charts/status/1714613044104298644?s=20
Martinez tweeted earlier today that since almost 51% of all accounts on this reputable cryptocurrency exchange were going short, more than half of traders on Binance were shorting Bitcoin futures. By purchasing Bitcoin futures contracts outright, 49.31% of accounts were wagering that the price of BTC will rise in the future.
“Bitcoin supply crisis in effect”: Lark Davis
Lark Davis, a well-known crypto blogger on YouTube, has posted a message on his X account to warn his devoted audience that institutional and retail investors often withdraw Bitcoin from cryptocurrency exchanges.
He emphasised that even before the market heatedly discussed Bitcoin spot ETFs this year, filing for which was made by the largest fund manager in the world, BlackRock, led by Larry Fink. At that time, he said, institutional investors, retail investors, and whales were all actively buying Bitcoin and transferring it to their cold-storage vaults.
The first organisation to submit a request for a Bitcoin ETF to the SEC regulator was Ark Invest, which is led by Cathie Wood. The cryptocurrency community went wild when BlackRock made a same move, and other financial organisations like Invesco and Fidelity started applying for Bitcoin spot ETFs as well.
Bitcoin surges on fake BlackRock news
The news that the American regulator SEC had finally accepted BlackRock’s ETF file this week completely enthralled the cryptocurrency community. The news was originally reported by a few crypto media outlets before being picked up by more mainstream outlets like Reuters and Bloomberg.
The price of BTC immediately increased by almost 10%, almost approaching $30,000. Larry Fink, the company’s CEO, intervened to say that it was untrue and that the file was still being reviewed. According to information given by CoinMarketCap, this caused Bitcoin to drop by almost 8% and is presently trading at a price of $28,338.
However, Mike Novogratz, CEO of Galaxy Digital and a well-known investor and fund manager, told CNBC that he thinks the first Bitcoin spot ETF would be authorised as soon as this year. He said, “There’s a huge lot of pressure to do something that is logical. All the signals of dealing appear to be headed in the correct direction. The American people favour it.
