✨Prepare for Massive Bitcoin Short Squeeze Before Propelling Price Higher!🚀
Don't get burned!
Bitcoin is inching closer to the $70,000 milestone, sparking rumors of a potential surge to $80,000 as short-sellers feel the squeeze. According to analysts, we're witnessing a classic scenario where short positions are under immense pressure, signaling a bullish trend.
The Kobeissi Letter, a prominent trading resource, highlighted this phenomenon, pointing out that institutional long positions significantly outweigh hedge fund short positions. This growing margin between longs and shorts is hitting record highs, paving the way for a potential short squeeze.
Bitcoin's price volatility is also shrinking, with recent dips becoming shorter and shallower. In the past week alone, Bitcoin swung from a low of $61,224 to a high of $71,511, indicating a narrow gap of just 8.7%.
If Bitcoin climbs to $71,000, it could trigger the liquidation of $156.18 million in short positions. A further ascent to $75,000 might lead to the liquidation of a staggering $3.85 billion in shorts.
Analysts are bullish about Bitcoin's prospects, with some predicting a surge to $80,000 and beyond. Pav Hundal, lead analyst at Swyftx, believes that Bitcoin could skyrocket, potentially reaching the coveted $100,000 mark this year.
Cory Klippsten, CEO of Swan Bitcoin, sees the ongoing battle between longs and shorts as captivating. He suggests that eventually, one side will give way under the mounting pressure.
Despite the speculation, Klippsten advises clients to focus on the long-term outlook, although he admits to being an eager participant in the speculation game.
As Bitcoin continues its ascent, the stage is set for a thrilling showdown between bullish and bearish forces, leaving investors eagerly awaiting the outcome.
