As cryptocurrency market sentiment turns optimistic and top cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) post solid gains over the past 24 hours, the race to new all-time highs is on.
Bitcoin rose 6.06% the day before, surpassing the $70,000 threshold for the first time in over a month. Due to a short squeeze, experts believe that Bitcoin could soon reach a new all-time high. Traders who had bet against Bitcoin are forced to repurchase their positions, driving the price even higher.
Over the past 24 hours, a sudden drop in the number of BTC short positions has been observed. The number of short positions decreased from 291 BTC to just 165, meaning that almost half of the short positions were liquidated due to the rapid increase in Bitcoin price. This led to a cascade of buy orders as traders rushed to cover their shorts.
WILLY WOO considers these SQUEEZE shorts a record.
The recent month-long liquidation of short positions in Bitcoin points to a potential short squeeze that could propel the leading cryptocurrency to new all-time highs, according to a post by cryptocurrency expert Willy Woo on X on May 21.
If this hypothesis is confirmed, the current price difference of only 2.92% will be easily exceeded, making possible a new all-time high beyond the $73,079 reached on March 14.
Patterns similar to previous bull runs
Looking back at price charts can often provide additional insight to traders, and that's exactly what professionals do when trying to predict potential future movements.
This price trend closely resembles that of the 2017 rally, which saw the price of BTC increase by over 800%, from $2,100 to almost $20,000 in six months – an increase that occurred from May to December. Now, the cryptocurrency trading analyst believes history is repeating itself, as the patterns appear strikingly similar, according to his May 21 post.
If the current uptrend continues, Bitcoin price could easily surpass $100,000, with even greater upside potential as the price explores new highs
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