Crypto Analyst Predicts Bitcoin’s Path to New Highs with Potential Short Squeeze
A prominent crypto strategist known for his accurate Bitcoin predictions is outlining two potential scenarios for Bitcoin's path to new all-time highs.
Credible Crypto suggests that Bitcoin’s current market behavior is setting up a scenario where bearish positions could be targeted for a short squeeze.
10000%.
A very important point here.
In the same way we identified a draw on price to the downside on lower timeframes because of a build of of liquidity, we also have the exact same mechanic drawing us to the upside on higher timeframes.
Repeated marginal lower highs, these… https://t.co/OM7zbZbZly pic.twitter.com/CUeqEIIrDb
— CrediBULL Crypto (@CredibleCrypto) September 15, 2024
He observes that Bitcoin’s recent pattern of lower highs might be misleading bears into a false sense of security before a potential breakout.
A short squeeze occurs when traders who have bet against an asset are forced to buy it back as its price rises, leading to further price increases.
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Credible Crypto explains that, similar to how liquidity was accumulated during past downturns, the same pattern is forming now but on a larger scale. He predicts that the pattern of marginal lower highs is creating a buildup of liquidity that could eventually result in a significant upward movement.
According to his analysis, Bitcoin might either drop to around $45,000 or $55,000 before potentially surging to $80,000 or more.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
