A closely watched crypto trader believes that Bitcoin (BTC) is likely to witness a burst towards the $30,000 price level.
Pseudonymous analyst Loma tells his 195,000 Twitter followers that a strong short squeeze could fuel Bitcoin’s rally towards its target.
A short squeeze occurs when traders who borrow an asset at a certain price in hopes of selling it for a lower price to pocket the difference are forced to buy back the asset they borrowed as momentum moves against them. turns, sparking further rallies.
says Loma,
“Price with support.
No speed.
Both parties are trying to position themselves here for the next big step.
Expect a squeeze (lots of liquidity to monthly opening).”
While Loma predicts a major rally for BTC, he says the surge is likely to happen after Bitcoin witnessed a deep corrective move towards USD 22,000.
“If you had to bet, what do you think the BTC chart would look like next month?
I start.”
Meanwhile, fellow analyst DonAlt says BTC’s refusal to fully collapse after meeting $30,000 as resistance is a good sign for the crypto king. According to the trader who witnessed this year’s crypto rally, a few weeks of consolidation could provide a foundation for BTC to move up.
“BTC Update:
$27,400 has lost its relevance. We chopped too hard down there.
Lever plays are worthless now, no clear lineup anywhere due to chopping
That said, the longer this goes on the better for bulls, another week or two and I think we’ll get back into the range ($27,400 – $29,400).
At the time of writing, Bitcoin is trading at $27,167.
Don’t Miss Out – Subscribe to receive crypto email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Generate image: half way through the journey
