{"id":14913,"date":"2024-03-27T15:16:46","date_gmt":"2024-03-27T15:16:46","guid":{"rendered":"https:\/\/www.bitcoincasinos.com\/?p=14913"},"modified":"2024-03-27T15:19:08","modified_gmt":"2024-03-27T15:19:08","slug":"crypto-stock-rally-short-sellers","status":"publish","type":"post","link":"https:\/\/www.bitcoincasinos.com\/blog\/2024\/03\/27\/crypto-stock-rally-short-sellers\/","title":{"rendered":"Crypto Stock Rally Leaves Short Sellers Unconvinced High Valuations Will Last"},"content":{"rendered":"
Almost $11 billion has been wagered by short sellers who believe the recent cryptocurrency upsurge in valuation will not last. Even after Bitcoin’s recent rise.\u00a0<\/strong><\/p>\n A report from the S3 Partners LLC this week confirmed the numbers. 80% of the total short interest is backing against the likes of Coinbase Global Inc. and MicroStrategy Inc.<\/p>\n Cryptocurrency reached an all-time high which naturally, saw Coinbase and Microstrategy’s stock rise. However, short sellers are still not convinced for the long run.<\/p>\n Ihor Dusaniwsky, who is the director of predictive analytics at S3 Partners, explained that crypto stock short sellers are confident that the rally will eventually end.<\/p>\n If and when it does, it will deliver a good value if investors are shortening the crypto stock. However, short sellers aren’t always going to be correct.<\/p>\n The crypto industry can prove to be volatile and unpredictable. If investors in Bitcoin ride the wave on the way up and don’t sell, short sellers could entertain trouble.<\/p>\n The recent cryptocurrency stock rally has proven to be an exciting time in the industry. Bitcoin’s value surged past $70,000 on Monday (March 25) during U.S. trading hours. BTC gained more than 7% in 24 hours.<\/p>\n Ethereum’s ether was up 6% in the same time frame. Tokens for major layer-1 blockchains such as Solana and Avalanche increased by more than 10% as well.<\/p>\n Overall, nearly all digital assets are in the green with the crypto rally likely to continue for the foreseeable future. Bitcoin could now target a new all-time high.<\/p>\n A figure of $83,000 is being touted by industry experts. Historically, Bitcoin generally performs well during U.S. election years – which 2024 is.<\/p>\n In the past, Bitcoin has advanced 100%-200% so this year certainly offers plenty of potential and promise. Founder of 10x, Markus Thielen, believes that a price of $102,000 is not beyond the realms of possibility.<\/p>\nCrypto Stock Rally<\/h2>\n