Bitcoin Bears Prepare To Hibernate As Bulls Awaken
The short brigade has backed down, ETFs could happen, and the bull may be stirring.
A decrease in bear activity in the Bitcoin market could be a harbinger of the first green shoots of the BTC bull market predicted by many analysts. The Commodites Futures Trading Commission (CFTC) released data on Friday that showed that betting against bitcoin is grinding to a halt. Could this be the start of the bull market that all the experts are waiting for? Possibly. Bitcoin has spiked several times in recent days and it’s showing signs of a comeback. It has been a brutal year, but some experts predict that the next bull market will be absolutely unprecedented and record growth could be on the cards. At the time of writing, August 27th at 19:00 UTC, BTC had posted gains of over $400 per bitcoin, to $6,765, since a low of around $6,300 on the 20th August. Speculators have been trading non-commercial futures of bitcoin in the past months, basically betting against the market as bitcoin continued its inexorable slide from $19,000 down to the $6,000 mark. Now the coin is starting to rally and the shorts have stopped.That activity has slowed to a relative crawl in the last two weeks. A net position of -1266 contracts in the week ending on August 21st is the lowest on record since the futures were first listed on the exchanges in December last year.At their most extreme, just 10 weeks ago, there were more than -1900 contracts. This is a serious shift in the market and could be the sign of the big bull market that is looming large.
