After staying above $10,000 for less than a day, bitcoin price failed to breach the $10,500 for the third time in the last eight months. Almost 8% of value was evaporated, resulting in forced liquidation of over $230 million on long and short positions on BitMEX.
Despite yet another disappointment, top traders still share the same bullish sentiment. Bloomberg analysts have made the prediction of bitcoin passing $20K in 2020, while Grayscale has been stashing bitcoin, buying 18,910 bitcoins since the halving, when there are only 12,337 bitcoins have been mined during the period. Analyst Kevin Rooke has made a comment on Grayscale’s healthy appetite: “Wall Street wants bitcoin, and they don’t care what Goldman Sachs has to say.”
Besides the projection of top traders, there is a major factor that points to the bull market. The hash rate of the bitcoin network, which indicates the difficulty to mine bitcoin, has declined again. If we look back on previous mining difficulty adjustments, we will notice that they were all followed up by a bull cycle.
However, there are sonances that bitcoin will experience further corrections and even drop as low as $6,000. Mining capitulation has just sprung, and it seemed that a miner who has produced 51 blocks over the past week had sold its stash. Pentarhudi, the famous bitcoin trader and technical analyst, pointed out that the triple top formation of bitcoin foreshadows a major pull-back.
The divided opinions are confusing, yet common in the crypto market: we all know that in the short term, bitcoin or cryptocurrency in general is like a game of speculation. But does that mean now is not a good time to invest? That we can only sit back and wait for the bull market that might takes months to show up? Don’t worry, with the right tool, even in the more volatile market you can generate handsome profits.
Rocky Road Ahead – How to Maximize Profit
Fortune favors the brave. What better way to make profits than taking advantage of price swings? Leveraged trading is born for such occasions and traders can maximize profits with leverage. By predicting the right trends of bitcoin’s price, traders can earn greater returns within a shorter period of time.
Let’s see how:
Step 1: the current price of BTC is $9.7k. If you believe the price is going to drop, you can open a short position with 0.01 BTC. Now, 0.01 BTC may not seem much, but with 100x leverage, you can open a contract worth 1 BTC.
Step 2: When the price of BTC drops 500 points to $8,500, you close the position.
Profit: ($9000-$8500)*1 BTC/$8500=0.059 BTC.
ROI: 0.059/0.01*100%=590%
Leveraged trading is a mature derivative in the crypto market. Established in 2017 and headquartered in Hong Kong, Bexplus is a leading crypto derivatives trading platform offering 100x leverage futures trading on BTC, ETH, LTC, EOS, XRP and etc. No spread, no KYC requirements, no deposit fee, Bexplus is trusted by clients worldwide, including the USA, Japan, Iran, and Sudan.
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You only need to verify your email to open a trading account and a demo account. This process will only take a few minutes and you don’t have to worry about risking your personal information.
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To help beginners better get used to leveraged trading, Bexplus provides every user with a demo account upon registration. There are 10 replenishable BTC in the demo account for traders to practice as much as they like. You can also learn to analyze the market and use the tool-kit with the demo account. Besides, you can always trust the 24/7 customer support to help you solve your problems in trading.
Claim Your 100% Bonus
Double deposits, double profits. Users can get a 100% deposit bonus for every deposit on Bexplus. If you deposit 1 BTC, 2 BTC will be credited to your account, and the profits gained with the bonus are withdrawable. Every user can join the promotion and get up to 10 BTC bonus. Now active users can get 10% off of their transaction fee.
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