The derivatives trader JSterz warned that Bitcoin price might explode if it goes above $13,000. According to him, there are signs that an intensely strong bullish advance may soon arrive. At this time, Bitcoin futures contracts expiring in March 2021 are priced 6% higher than the BTC/USD spot price at around $12,280.
— Julien (@JSterz) August 17, 2020
Also, Ikigai fund manager Travis Kling commented, uploading an overview chart to Twitter. He said that there are “bullish signs”.
BTC futures Open Interest hit a new ATH today. The ATH prior to Black Thursday was Feb 15th.
Note the changes in market share of OI. We’ve been talking about The Herd™️ coming for so long its become a meme.
But without a doubt, this is actually The Herd and its wildly bullish. pic.twitter.com/tcwX6IuPQE
— Travis Kling (@Travis_Kling) August 18, 2020
Furthermore, cryptocurrencies are getting more recognition as institutional investment in Bitcoin is expanding, following a dramatic buy-in from multibillion-dollar Microstrategy in late July. Also, Grayscale has made a record investment in its various cryptocurrency funds, as Bitcoin outperforms gold as a fiat hedge.