Throughout much of November, Bitcoin (BTC) has been moving toward its long-predicted $100,000 price target, sometimes making quick daily leaps and sometimes inching higher.
The rise to previously unseen highs, along with institutional investors suffering from “fear of missing out” (FOMO) and swing traders, attracted a large number of short positions either as a hedge against other bets in the cryptocurrency market or due to the assessment that the highs between $95,000 and $99,000 are unstable.
Despite what the price action might suggest, the shorts received from Binance on November 22, 2024 are far from all-time highs and, in fact, far from monthly highs.
Specifically, 58.39% of accounts were low on BTC on Friday, indicating a widespread belief that even if $100,000 is not a failure, a correction will either precede it or quickly succeed it.
November Bitcoin Short Rates
On the other hand, the fact that shorts are down about 4% from Thursday, a day when the ratio was 62.24% to longs 37.76%, demonstrates that investors remain optimistic about Bitcoin’s bull run. , despite a 50% 30-day surge.
Finally, the data shows that bearish bets peaked shortly after the 2024 presidential election—62.68% of positions as of November 9 were short—and at the end of October, the second-to-last day of the month, that number was 64.03%.
Bitcoin price chart
Regardless of whether recent short or long positions make the most of Bitcoin’s upcoming price action, those who have invested at almost any point since BTC became available have seen significant gains.
At the time of publication on November 22, the world’s leading cryptocurrency is up 163.88% over the past 12 months, 134.12% year to date (YTD), and an impressive 48.52% in the green over the past 30 days. Price at time of publication: $98,452.
While, again, it is impossible to know for sure whether long or short bets will prove more profitable, there is widespread agreement among experts that Bitcoin is poised for even greater growth.
For example, on November 22, Michael van de Poppe—a renowned cryptocurrency researcher on X—opined that BTC would hit $100,000 “today.”
Bitcoin will reach $100,000 today.
Absolutely crazy.
However, upcoming patches will be accompanied by flash glitches, and these are times when it’s worth intervening if you haven’t already. pic.twitter.com/3WSxm5KM0y
– Mikael van de Poppe (@CryptoMichNL) November 22, 2024
Moreover, historical BTC patterns hint that the current rally could extend to $138,000 – perhaps even higher – but also warn that near this point shorts could begin to make profits as a correction is almost guaranteed to follow.
Featured image via Shutterstock
