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Bitcoin May Be Headed Towards 20%+ Decline Based On This Pattern
Nov 7, 202320:00 GMT+5
Bitcoin could see a decline of at least 20% in the near future, if the historical pattern of this indicator is anything to go by.
Aggregated Open Interest Of Assets Except Bitcoin Is Forming A Bearish Pattern
In a new post on X, CryptoQuant Netherlands community manager Maartunn has talked about a bearish pattern forming in the aggregated open interest of all cryptocurrencies except Bitcoin.
The “open interest” here refers to an indicator that measures the total amount of derivative positions (in USD) that are open on all exchanges around the world right now.
When the value of this metric is high for any cryptocurrency, it means that the asset has a high number of positions on the derivative market currently. Generally, this kind of trend makes it more probable for the price to show volatile moves.
On the other hand, low values imply the derivative side of the coin in question is cool at the moment, which may suggest a relative period of calmness for the price.
In the context of the current discussion, the aggregated open interest of all cryptocurrencies excluding Bitcoin is of interest. The below chart shows the trend in this indicator over the past couple of years:
Bitcoin May Be Headed Towards 20%+ Decline Based On This Pattern
Nov 7, 202320:00 GMT+5
Bitcoin could see a decline of at least 20% in the near future, if the historical pattern of this indicator is anything to go by.
Aggregated Open Interest Of Assets Except Bitcoin Is Forming A Bearish Pattern
In a new post on X, CryptoQuant Netherlands community manager Maartunn has talked about a bearish pattern forming in the aggregated open interest of all cryptocurrencies except Bitcoin.
The “open interest” here refers to an indicator that measures the total amount of derivative positions (in USD) that are open on all exchanges around the world right now.
When the value of this metric is high for any cryptocurrency, it means that the asset has a high number of positions on the derivative market currently. Generally, this kind of trend makes it more probable for the price to show volatile moves.
On the other hand, low values imply the derivative side of the coin in question is cool at the moment, which may suggest a relative period of calmness for the price.
In the context of the current discussion, the aggregated open interest of all cryptocurrencies excluding Bitcoin is of interest. The below chart shows the trend in this indicator over the past couple of years:
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