👉👉👉 Bitcoin gears up for a ‘#massive ’ short squeeze, price could go ‘vertical’
Swyftx's Pav Hundal and Swan Bitcoin CEO Cory Klippsten offer insights into Bitcoin's current market dynamics, suggesting a departure from the traditional bulls-versus-bears narrative.
Bitcoin hovers around $70,000, with analysts speculating on a potential surge to $80,000 amidst pressure on short-sellers. The $BTC short squeeze is attributed to the wide margin between institutional long positions and hedge fund short positions.
Bitcoin's price dips are shrinking over time, with a recent low of $61,224 and high of $71,511, signaling a mere 8.7% gap. A move to $71,000 could liquidate $156.18 million in short positions, while reaching $75,000 could liquidate $3.85 billion.
Pav Hundal suggests these conditions could drive Bitcoin to unprecedented highs, potentially reaching $80,000 and even sparking consideration of $100,000 later this year.
Cory Klippsten highlights the ongoing battle between long and short positions, anticipating a resolution amid escalating capital deployment from both sides.
Hundal notes that asset managers may hedge with both long and short positions to mitigate downside exposure, indicating institutional willingness to pay a premium for protection.
Klippsten links increased Bitcoin trading activity to anticipation of the upcoming #BitcoinHalving on April 21. He warns of speculative trading around halving events, cautioning that while prices may initially rise, there could be a temporary drop post-halving.