OKEx Investment Analyst Predicts A $42,000 Bitcoin Coming Soon

The Bitcoin news today give us insights in the outlook of one OKEx investment analyst, who recently said that the correction in the Bitcoin market has done little to offset the long-term bullish bias of the cryptocurrency. We are talking about Robbie Liu, who recently listed mixed trading data according to which BTC could rise to a high of $42,000 very soon.

He also noted that the “Musk rally” which happened last week and brought the price of BTC up by $6,000 helped the bullish sentiment to recover. As the OKEx investment analyst noted, closing above the run-up and the peak may also prompt the most dominant coin to challenge ,000 or even claim ,000.
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“The long/short ratio had little ups and downs during the week, hovering in a range of 1.07 to 1.53, and although prices kept moving higher, the ratio did not return to last Friday’s high of 1.80,” noted Mr. Liu.

Liu said that the ratio is now running near 1.20. For those of you who don’t know or haven’t read our crypto news, the long/short ratio basically compares the total number of users that open long positions – with the ones that open short positions. So, when this ratio is low, more traders hold short positions and bet in favor of a price fall.

The OKEx investment analyst predicts a new high for the dominant coin, hinting that BTC could see further price gains in the coming sessions. The northward direction will push the coin high, and Liu notes that it could regain confidence for many investors in an upside move.

Liu also added the following:

“The funding rate for perpetual swaps, which follow the same trend as the quarterly futures premium, continued to move higher during the week. It reached a peak of 0.19% on Thursday morning before the price falling back for a short-term correction.”

Then, the OKEx investment analyst compared it to the current funding rate and said:

“The current funding rate has been running around 0.06%, which is within the normal range and leaves room for Bitcoin to continue its upward movement. This price level will be an important support in the future.”

All of this indicates that we could see more gains for BTC sooner than later. As of press time, the cryptocurrency is at $38,105.