Bitcoin Price Prediction for the Next 24 Hours: Bullish or Bearish?
According to InvestAnswers, Bitcoin (BTC) is ripe for a short squeeze as bears aggressively position for another correction ¹. The analyst notes that perpetual swap funding rates have been negative, and open interest has increased, indicating aggressive shorting and a potential short squeeze.
Historically, low and negative funding rates have been an opportune time to accumulate Bitcoin. Additionally, the Fear and Greed Index is at 26, indicating fear levels in the crypto market, which could be a bullish sign for BTC.
Bitcoin's price has been trading sideways between $49,000 and $71,000 since February and is currently near $64,000. Analysts predict a strong rally is likely before year-end, potentially breaking historical September weakness and reaching new highs.
For the next 24 hours, the sentiment is bullish, with a potential short squeeze and further rallies expected. However, the crypto market is volatile, and prices can fluctuate rapidly. Always do your own research and consider multiple sources before making investment decisions.
