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Bitcoin analysts are divided on whether the current price rally will continue smoothly or face a dip before further upward movement. While Bitcoin has surpassed $68,000, some, like Hyblock Capital CEO Shubh Varma, advise caution. Varma suggests that a final price dip may occur before Bitcoin makes another significant move up. He points to Binance data showing that less than 40% of retail traders are holding long positions, which could indicate market hesitation or a potential reversal. Additionally, Bitcoin’s Open Interest (OI), currently at a year-to-date high of $39.36 billion, may suggest a correction to flush out long positions.
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However, not all analysts agree. Crypto investor Lark Davis sees the surge in OI as a sign of an impending rally, with increasing liquidity flowing into the market. Meanwhile, veteran trader Peter Brandt remains uncertain, acknowledging that Bitcoin’s price could go either way. Some analysts believe a dip to around the $40,000 range would offer an ideal buying opportunity to prepare for the next bull market.
This mix of perspectives reflects the current uncertainty in the market, where both bullish and bearish scenarios are possible in the short term.
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