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Bitcoin Price Will ‘Explode’ if Coin Breaches $13,000

Bitcoin (BTC) will “explode” in price once it hits $13,000, one trader believes as Bitcoin futures trade at 6% above spot price. In a tweet on Aug. 18, the derivatives trader JSterz highlighted “extreme” Bitcoin futures spreads as a sign that an intensely strong bullish advance may soon arrive.

Bitcoin Price Will ‘Explode’ if Coin Breaches $13,000

Currently, Bitcoin futures contracts expiring in March 2021 are priced 6% higher than the BTC/USD spot price at around $12,280. “It seems extreme to see BTC-Mar21 trading 6% above spot,” JSterz summarized.
“We have been at this level about four times since 2017. If #BTC breaches 13k this thing is going to explode.”

Open interest for a basket of trading platforms hit new all-time highs on Monday, beating a previous record from mid-February, before March’s coronavirus-induced crash. “Note the changes in market share of OI,” Ikigai fund manager Travis Kling commented, uploading an overview chart to Twitter.

Institutional investment in Bitcoin remains a major topic of conversation among supporters this month, following a dramatic buy-in from multibillion-dollar MicroStrategy in late July.

Asset manager Grayscale has seen record investment in its various cryptocurrency funds, as Bitcoin outperforms gold as a fiat hedge.

On Monday, a sudden swing above $12,000 was assumed to be a red herring, but the higher levels have since held.

Source: FXPro

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