A Crypto Analyst Predicts Bitcoin Breakout
A well-known crypto analyst suggests that the market behavior indicates a potential breakout to the upside for Bitcoin (BTC). According to the analyst, if short sellers continue to unload into BTC’s support level, it could trigger a surge in price. The strategist points out that shorts shorting into support while bids are stacked waiting typically leads to a price squeeze/reversion to the upside. The analyst also highlights metrics that suggest short sellers will attempt to push the price down but will ultimately fail. These metrics include a collapse in cumulative volume delta (CVD) and steady prices despite declining CVD, indicating a large entity absorbing sell pressure.
Potential Upside for Bitcoin
Bitcoin is currently trading at $34,639, showing a slight increase in the last 24 hours. The crypto analyst’s observations and analysis suggest that there could be a potential upward movement for Bitcoin if overeager short sellers continue to exert selling pressure. The market behavior and metrics indicate that BTC’s support level may lead to a price squeeze/reversion to the upside. Traders and investors are advised to monitor the situation closely to see if these predictions come true.
Hot Take: Is Bitcoin Ready for an Upside Breakout?
According to a prominent crypto analyst, market behavior and metrics are signaling a potential breakout to the upside for Bitcoin (BTC). The analyst notes that if overeager short sellers continue to unload into BTC’s support level, it could result in a price squeeze/reversion back to the upside. This observation is supported by indicators such as cumulative volume delta (CVD) and steady prices despite declining CVD. With Bitcoin currently trading at $34,639, traders and investors should pay close attention to see if these predictions come true.
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