It’s been revealed that an analyst who called Bitcoin collapse is flipping bullish on Bitcoin. Check out the latest reports about the price of BTC.
Bitcoin prediciton is out
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $20,279.
The popular crypto analyst who’s been bearish on Bitcoin for most of 2022 is revealing one potential silver lining for BTC.
The pseudonymous trader Capo just said that trader activity following Bitcoin’s recent dip toward $20,000 means a short squeeze is possible, and now he’s optimistic about BTC until it recaptures the $23,000 resistance level.
As thr online publication, the Daily Hodl notes, a short squeeze happens when traders who borrow units of an asset at a certain price in hopes of selling lower to pocket the difference (short) are forced to buy back as the trade moves against their bias.
“There are a lot or shorts aping here at support, after taking the lows. Short squeeze is still likely. I’m short-term bullish until $23,000-$23,500.”
The analyst next follows up on an August 24th post to reaffirm his belief that after Bitcoin rises toward $23,500, the top crypto asset will likely fall back toward $16,000 by mid-September.
“Same idea despite the choppy range. $23,000-$23,500, then down to new lows.”
Bitcoin trend could trigger BTC demand
According to the latest reports, a leading digital assets manager says that the recent trend of Bitcoin (BTC) investors holding for the long term reveals two key insights.
In the latest Digital Asset Fund Flows Weekly report, CoinShares highlighted the way in which in contrast to previous Bitcoin four-year cycles where investors moved their BTC onto exchanges to take profits, the “class of 2017” sold less in 2021 than expected.
“In both the 2013 and 2017 bull periods, large positive net inflows have coincided with decreasing Bitcoin price levels (and decreasing average coin age), suggesting that many longtime Bitcoin owners took profits during the cyclical upturn.”