Through most of November, Bitcoin (BTC) has been moving towards the long-predicted $100,000 price target – sometimes making rapid daily leaps, sometimes inching upward ever so slowly.
The rise to previously unseen highs has, along with institutions, ‘fear of missing out’ (FOMO)-afflicted investors, and swing traders, attracted a large number of short positions, either as hedges against other cryptocurrency market bets or due to an estimate that highs between $95,000 and $99,000 are not stable.
Despite what the price action might suggest, short positions, as retrieved from Binance on November 22, 2024, are nowhere near record highs and, indeed, nowhere near the monthly highs.
Specifically, on Friday, 58.39% of accounts were short on BTC, showcasing a widespread belief that, even if $100,000 is not untenable, a correction will either precede or quickly succeed it.
November Bitcoin short bets
On the other hand, the fact that shorts dropped about 4% from Thursday, the day the ratio was 62.24% against 37.76% longs, demonstrates investors remain optimistic about the Bitcoin bull run despite the 50% 30-day surge.
Finally, the data reveals the peak of bearish bets came shortly after the 2024 presidential elections – 62.68% of November 9 positions were short – and in late October as on the penultimate day of the month, the number stood at 64.03%.
Bitcoin price chart
Whether the latest short or long positions make the most of Bitcoin’s upcoming price action, those who have invested at essentially any point since BTC became available have found significant profits.
As things stand at press time on November 22, the world’s premier cryptocurrency is 163.88% up in the last 12 months, 134.12% year-to-date (YTD), and an impressive 48.52% in the green in the last 30 days with a press time price of $98,452.
Though, again, it is impossible to know for sure if the long or short bets will prove more lucrative, there is a broad expert opinion that there is more growth ahead for Bitcoin.
On November 22, for example, Michaël van de Poppe – a prominent cryptocurrency researcher on X – opined BTC will hit $100,000 ‘today.’
#Bitcoin is going to hit the $100K today.
Absolutely insane.
However, the coming corrections are going to be flash crashes and those moments are the ones to be stepping in if you aren’t already. pic.twitter.com/3WSxm5KM0y
— Michaël van de Poppe (@CryptoMichNL) November 22, 2024
Furthermore, BTC’s historical patterns hint that the current rally could continue all the way to $138,000 – maybe even higher – but also warn that near that point, the short positions might start paying off as a correction is almost guaranteed to follow.
Featured image via Shutterstock
