Why Do Traders Load Up On Bitcoin Longs

Recently in the month of March, Bitcoin has crashed 50% but it did not stop investors and traders from still continuing to invest in cryptocurrency. As a matter of fact, some date sources show that most of the investors are now beginning to load up on their BTC positions despite the current situation of the global economy. 

Some data sources also show that 78 percent of client accounts are long on the realm of cryptocurrency. This does not just suggest that most of the participants in the crypto market are staying long in the market, it also shows that the future of Bitcoin is still expected to be strong and high. 

However, the upside of the long-term investing of crypto market participants may also be a bad sign of negative effects to come for the digital coin market. According to some expert, the correct approach to trade is to go against what the majority is doing or go against the grain. This has been referred to the quote of Warren Buffet ‘be fearful when others are greedy and be greedy when others are fearful. 

Such quote of Buffet is also applied not only in the stock market but also in crypto market. As an evidence, in the end month of 2018, Bitcoin had plunged 50% within a month, there were several analysts who called for the price of the coins to go back to $1,000 while some analysts predict it would return to $800. They even used some tools like the bitcoin code. The bitcoin code is fast and efficient

Overall, it is very evident with the current market situation and the data sources of some experts about cryptocurrency that traders are really loading up on bitcoin longs which is considerably a positive picture.

Patrick

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Patrick is a part-time fitness trainer and pursuing his Master’s in American Literature from Stanford University. He wishes to share his fitness plan with others to help them achieve their goals in terms of fitness and education.