It’s been just revealed that an important analyst just predicted a short squeeze for Bitcoin. Here’s what he had to say about the king coin below.
Bitcoin’s new price prediction is out
At the moment of writing this article, BTC is trading in the red, and the king coin is trading at $26,679.
A popular crypto trader believes that Bitcoin (BTC) will likely witness an eruption toward the $30,000 price level.
Pseudonymous analyst Loma said as per the online pubcalition the Daily Hodl that a strong short squeeze could fuel Bitcoin’s rally toward his target.
“A short squeeze happens when traders who borrow an asset at a certain price in hopes of selling it for lower to pocket the difference are forced to buy back the assets they borrowed as momentum moves against them, triggering further rallies,” the same online pubcalition noted.
He said the following:
“Price at support.
No momentum.
Both sides trying to position themselves here for the next big move.
Expects a squeeze (lots of liquidity up to monthly open).”
Although Loma is predicting a big rally for BTC, he says that the surge will likely take place after Bitcoin witnesses a correction.
“If you had to bet, what do you think the BTC chart would look like next month?
I start.”
DonAlt also addresses the state of Bitcoin these days:
“BTC update:
$27,400 has lost its relevance. We’ve been chopping too hard right below it.
Leverage plays are shit now, no clear setup anywhere due to chop
That said, the longer this takes the better for bulls, another week or two and I’d think we’ll meander back into the range ($27,400 – $29,400).”
As you can see, there are all kinds of optimistic prediciotns about the price of Bitcoin these days. Stay tuned for more news from the crypto space and check out the markets as well.
