The post Traders Are Betting Big on Bitcoin: Is the Right Time to Buy the Dip? appeared first on Coinpedia Fintech News
As October kicks off, traders on Binance are making bold moves with Bitcoin (BTC). A significant 61.36% of traders are going long, believing that Bitcoin’s price will rise this month. This comes after a strong September, where Bitcoin ended with a great 7.35% gain, marking its best September ever. With so many traders feeling confident, many are wondering: Is it the right time to buy the dip?
Caution Among Short Traders
As the global stocks and risk assets, like Bitcoin (BTC), took a hit at the start of the month. This drop happened after Iran launched 200 missiles at key locations in Israel. In response, Israel threatened to retaliate, adding more worry to the market.
Bitcoin fell to a low of $60,300, marking a rough start to what is usually a strong month. This sharp decline caused big losses for futures traders, who faced their largest losses since early August.
Coinglass date revealed that in just 24 hours, futures tied to major tokens saw over $452.9 million in long liquidations as Bitcoin’s drop led to losses among many tokens, some falling as much as 8%. Surprisingly, almost 86% of all futures bets were bullish!
Around 38.64% of traders are taking a more cautious stance by placing short bets on Bitcoin. These traders believe that Bitcoin’s price might soon decline, highlighting the uncertainty that still looms over the market.
Traders Are Betting Big on Bitcoin
Prominent crypto analyst Ali Martinez points out that the current Long/Short ratio is showing a promising outlook. With a ratio of 1.59, this indicates that more traders are betting on Bitcoin’s price to increase.
Traders on @binance are seizing the opportunity to buy the dip — 61.36% are going long on #Bitcoin! pic.twitter.com/tZZe4cOaQh
— Ali (@ali_charts) October 2, 2024
Meanwhile, 61.36% of traders are going long, believing that Bitcoin’s price will rise this month. Given that October has historically been one of the strongest months for Bitcoin, traders are hoping for a repeat of past performance.
However, Long traders are encouraged by Bitcoin’s recent gains, where BTC ended the September month with a historic rise of 7.35%. They see October as an opportunity to profit, as many believe it could surpass the $74k level soon.
As the month unfolds, all eyes will be on Bitcoin to see if the bullish trend continues.
Time to Buy the Dip?
Growing global tensions have shaken the crypto market, causing panic selling as investors quickly sell off their assets out of fear. This sell-off can create great buying opportunities for smart investors. When everyone else is selling, it might be the best time to buy the dip!
