) toes around the $70,000 price mark, there’s speculation that short-sellers are feeling the pressure due to diminishing downtrends and quicker-moving uptrends, potentially driving Bitcoin’s price to $80,000, according to an analyst.
“The potential for a violent price action is off the charts right now. If we see a short squeeze, Bitcoin could go vertical to $80,000 and from there you really are starting to seriously think about the $100,000 point at some point this year,” Hundal said.Swan Bitcoin CEO Cory Klippsten told Cointelegraph that while he enjoys watching the ongoing tug-of-war between long and short positions, eventually, one faction will crack.
“This is not a classic bulls versus bears battle. Asset managers are sitting on record piles of long exposure to Bitcoin,” he explained. Hundal suggested asset managers are taking both positions to mitigate the downside exposure.
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