Bitcoin's price has been skyrocketing lately, but according to our expert, we shouldn't get too carried away just yet. While Bitcoin is still in a bull market long-term, this crypto analyst is feeling a bit "shortterm bearish" at the moment.
The reason?
The high levels of open interest in Bitcoin futures contracts. đš This indicates there's a lot of leverage built up in the market, which could lead to some major price drops if all those leveraged traders start getting liquidated. Our expert has even placed some low buy orders, expecting a big pullback coming soon.
"Regulators are just there to make money off of hardworking people's backs," the expert bluntly states. đ€Ź In fact, these regulators have already collected a staggering $19 billion from the crypto industry so far this year!
The expert believes these regulators are simply trying to "stifle innovation" and push major crypto exchanges, like Binance and Crypto.com, out of the United States. đșđž "They don't care about moving the world forward, they focus on one thing: profits."
But through it all, our crypto veteran remains unfazed. They don't even sell their Bitcoin once they buy it, viewing it as a long-term hold. đđ "I don't care what happens short-term, I really couldn't care less," they say.
In the end, the expert's advice is clear: be patient, stay calm, and don't get caught up in the emotional rollercoaster. đ Because when it comes to preserving your wealth, holding Bitcoin for the long haul is the way to go.
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