Massive Short Squeeze for Bitcoin in Sight? Top Quant Analyst Looks at the State of BTC
The CEO of analytics platform CryptoQuant is revealing how a serious occasion may impression the pattern of Bitcoin (BTC).
Ki Younger Ju tells his 303,000 Twitter followers that he’s ready for a “massive quick squeeze,” just like the one which occurred within the latter a part of 2020 earlier than Bitcoin ignited its bull cycle.
A brief squeeze occurs when merchants who borrow items of an asset at a sure worth in hopes of promoting decrease to pocket the distinction (quick) are compelled to purchase again because the commerce strikes in opposition to their bias.
“Ready for a giant quick squeeze.
In late 2020, many individuals saved punting quick positions on BTC and acquired liquidated within the $10,000 – $20,000 vary earlier than the parabolic bull run began.
Again then, 10% of hourly purchase market orders had been from quick liquidations. Now, it’s round 1%.”
The CryptoQuant CEO additionally says that whereas the quick squeeze might be an indication that BTC has put in a backside, he doesn’t assume that Bitcoin will begin a brand new bull cycle anytime quickly.
“To be clear, I didn’t say that the parabolic bull run is about to start out.
I’m simply saying it appears near the underside, and it’s time to attend till this quick squeeze occasion occurs. It might be for like a number of months or years for the following parabolic bull run. [We’ll] by no means know.”
Bitcoin is buying and selling for $20,694 at time of writing, a rise of barely over 1% up to now 24 hours.
Do not Miss a Beat – Subscribe to get crypto e mail alerts delivered on to your inbox
Examine Value Motion
Observe us on Twitter, Facebook and Telegram
Surf The Day by day Hodl Combine
Featured Picture: Shutterstock/Sensvector/Catalyst Labs
