BTC/USD Shorts Hit All-Time High while Bitcoin on a Fire Sale with Over 82% Off

By Abhinav Agarwal
Published December 10, 2018 Updated December 10, 2018
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BTC/USD Shorts Hit All-Time High while Bitcoin on a Fire Sale with Over 82% Off

By Abhinav Agarwal
Published December 10, 2018 Updated December 10, 2018

Bitcoin shorts have reached all-time high as the leading cryptocurrency hits 15-month low. Meanwhile, experts believe it’s just a bump in the long road ahead of Bitcoin and this is the right time to buy while you have it at 82 percent discount.

Bitcoin Gonna get Squeezed

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At the time of writing, Bitcoin has been trading at $3,555 with 24 hours gains of 1.36 percent. With a $60 billion market cap, the leading cryptocurrency has been managing the daily trading volume of $6.2 billion. Yesterday, BTC took a drop and fell down to $3,280 level, hitting its 15-month low.

Bitcoin 1-year price chart, Source: Coinmarketcap

According to experts, Bitcoin price is expected to hit even more lows. Bitcoin investors and traders share the similar sentiments as BTC USD shorts hit its all-time high.

Source: TradingView

Crypto market is in chaos but not everyone is losing the hope and confidence in this nascent technology. As Bitcoin and altcoin trader, The Crypto Monk Tweeted, “At least something is about to reach ATH.”

To this, one enthusiast replied, “This is  going to be the most epic bounce squeeze out ever.” While another says, “Obviously when that happens we know what usually comes next…”

Experts Positive AF on Bitcoin Future

Bitcoin is currently down more than 82 percent from its peak in December which according to some is the biggest buy opportunity as shared by trader and investor, Crypto Squeeze,


And crypto trader, Bitcoin dad,


Industry experts and enthusiasts are positive as well as CEO of the biggest crypto exchange Binance, Changpeng Zhao said,

“While there are some people who are uncertain about the future of this industry, I’m very certain we’re here to stay.”

Not to forget to menton, Weiss Crypto Ratings supporting Morgan Creek Digital founder Anthony Pompliano’s bet on Bitcoin to outperform the stock market.


Bitcoin is a survivor and this is just a bump in the long road ahead of the leading cryptocurrency as The Crypto Squeeze said,

“Bitcoin always survive the bear market. Only most of the participants don’t.”

Similar sentiments are shared by James Bevan, the chief investment officer at CCLA Investment Management who recently said,

“I don’t regard this as an existential crisis, I just regard it as a bump in the road and institutional investors have had plenty of bumps in the road in conventional currencies and transaction systems.”

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Abhinav Agarwal
140 Articles
A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

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