Crypto Analyst Predicts Short Squeeze for One Altcoin
A prominent crypto strategist believes that short squeezes are in the works for a new Ethereum-based altcoin called Blur (BLUR).
Cantering Clark, a well-known crypto analyst on Twitter, suggests that traders have been betting against the altcoin, creating an opportunity for a sudden, sharp move to the upside if BLUR gains bullish momentum.
As Clark explains:
“The leading exchange by volume and open interest for BLUR is OKX. Funding is currently going negative as open interest builds similar to the start of the first leg, when people hedged with the introduction of perps. Me thinks we have more squeezes ahead.”
The leading exchange by volume and open interest for $BLUR is OKX. Funding is currently going negative as open interest builds similar to the start of the first leg, when people hedged with the introduction of perps.
Me thinks we have more squeezes ahead. pic.twitter.com/rA9ArgSqbh
— HORSE (@TheFlowHorse) February 18, 2023
A short squeeze is a scenario in which traders who have borrowed an asset in the hopes of selling it for less than they borrowed it for being forced to buy back the asset they borrowed at a higher price, thus fueling a rally.
In the case of BLUR, Cantering Clark predicts that the altcoin could rally to its all-time high as long as it trades above $1. Specifically, he says the following:
“Acceptance above $1 again leading to a quick move back to the all-time high. Right now, I think holding the high is going to lead to a similar measured move. The most recent VWAP [volume weighted average price] is from the $1 break. Looks bullish. $1.50 seems reasonable.”
I shared the $BLUR long setup in yesterday's stream.
Acceptance above $1 again leading to a quick move back to the ATH.
Right now I think holding the high is going to lead to a similar measured move. The most recent VWAP is from the $1 break.
Looks bullish. $1.50 seems… pic.twitter.com/JCTHXdjioM
— HORSE (@TheFlowHorse) February 18, 2023
As of the time of writing, BLUR is trading at $1.20, which indicates that it could rise by around 300% if it reaches its all-time high of $5.02.
In addition to his comments on BLUR, Cantering Clark also shared his thoughts on Ethereum.
READ MORE: Trader Shares Ambitious Target for Bitcoin’s Next Bull Run
Specifically, he argues that the current market structure of Ethereum is reminiscent of its 2019 price action when the cryptocurrency managed to rally from below $100 to $400 before a significant correction to around $100.
Looking at the trader’s chart, he suggests that ETH could rally above $2,000 before another significant correction, should the altcoin mimic its 2019 price action.
“Alright ETH heads, take a hit of your pipe and hear me out.
But try not to fomo [fear of missing out]…
S Y M M E T R Y.”
Alright $ETH heads, take a hit of your pipe and hear me out.
But try not to fomo…
S Y M M E T R Y pic.twitter.com/0mGWZHLR7j
— HORSE (@TheFlowHorse) February 18, 2023
Overall, these comments from Cantering Clark suggest that BLUR and Ethereum could both experience significant price movements in the near future, though, as always, the crypto market is highly volatile and unpredictable. Investors should exercise caution when making investment decisions.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
