Bitcoin Analyst Predicts Short Squeeze to $30K in BTC Price Analysis

Bitcoin Analyst Predicts Short Squeeze to $30K in BTC Price Analysis

Renowned crypto trader Inmortal predicts a potential short squeeze as the primary driver behind a significant rise in Bitcoin’s value to the $30,000 mark, although he also acknowledges the possibility of a sizeable correction beforehand.

There is a compelling forecast in the air as a renowned cryptocurrency trader anticipates a vigorous boost in Bitcoin’s value to the $30,000 mark. Inmortal, the pseudonymous analyst suggests that a potent short squeeze may be the primary driver behind this Bitcoin (BTC) rally.

Short Squeeze — The Rally’s Main Engine

Short squeezes have a critical role in such positive  tendency predictions. For the uninitiated, this market phenomenon occurs when traders borrowing an investment to sell it at a lower price—aiming to win from the price difference—find themselves compelled to buy back the borrowed assets. This is a response to the market momentum turning against them, causing further price rallies.

As of now, Inmortal observes the market at a critical point. “ Price at support. No momentum. Both sides attempting to position themselves here for the following big move,” he comments, drawing attention to the  capacity for a squeeze which would drastically increase BTC’s liquidity up to the monthly open.

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A Potential Dip Before the Surge

Although while Inmortal’s predictions point toward a whole lot of Bitcoin rally, he does not ignore the likelihood of a sizeable correction beforehand. Reports by his analysis, Bitcoin (BTC) can potentially see a corrective movement pushing its  price down to around $22,000 before any upward surge takes place.

Understanding the Market Indicators

Inmortal’s forecast aligns with numerous indicators. BTC’s price fractal hints at an impending breakout, although the past few price increase on May 22 met with selling pressures, resulting in a 3 percent fall. The Relative Strength Index (RSI) likewise displayed a rejection after touching the mean level.

The Awesome Oscillator (AO) is as of now retesting the midpoint. A breakthrough of the $26,555 level of support could lead to a slide down to $25,175, BTC’s immediate foothold. In the worst-case scenario, Bitcoin could fall as far as the $23,052 barrier, signifying losses of 6 percent and 14 percent respectively from the present $26,761 price level.

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Nonetheless, this pessimistic outlook may be invalidated if Bitcoin decisively turns the $28,051 hurdle into a level of support, potentially propelling it up to the $30,287 mark.

And once of writing this post, Bitcoin (BTC) was currently worth $26,713.


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