Recent projections from crypto analysts suggest that Bitcoin could witness a substantial surge —while shorts will be met with a significant squeeze., Kobeissi shed light on the substantial gap between institutional long positions and hedge fund shorts; institutions are holding nearly 20,000 net long contracts compared to hedge funds’ approximately 15,000 net short contracts.March 26, 2024
This margin could be the main catalyst for the BTC short squeeze, Kobeissi suggests. Continued upward pressure on Bitcoin’s price could force short sellers to cover their positions, further fueling the bullish momentum.Dave bases his analysis on his own version of logarithmic growth channels , which he uses to predict market cycle tops and bottoms while filtering out short-term fluctuations and highlighting overarching trends.
According to his analysis, Bitcoin appears to be following a pattern reminiscent of 2020, characterized by a breakout from an ascending channel into a parabolic upward movement, resulting in a significant price surge of approximately 154%.This came after last week’s massive outflows that pushed the cryptocurrency’s price south. The asset tumbled by more than twelve grand after its most recent ATH of $73,800 to a multi-week low of under $61,000.
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