A crypto trader with hundreds of thousands of followers says a short squeeze in Bitcoin (BTC) is coming.
Pseudonymous crypto analyst Inmortal tells their 215,000 followers on the social media platform
“The chart looks like a short squeeze is imminent.”
A short squeeze occurs when a sharp increase in the price of an asset forces traders who had previously sold short to close their positions. Short selling means selling borrowed shares of a stock in the expectation that the price will fall.
According to Inmortal’s Price Analysis (PA), consecutive higher lows mean smooth sailing ahead for BTC.
“Beautiful PA in short time frames.
> Consecutive higher lows
> Deviation + Squeeze”
Changing their approach, the analyst offers their ‘honest thoughts’ on BTC, without a chart.
“My honest thoughts on BTC, no chart.
> If the bottom is not in, it is very close.
(It’s not about what price, it’s about WHEN, it’s all about timing).
> 3 phases. So far you have experienced 2.
(first stage up and summer break) The second stage up is the next, third phase.
That’s all.”
BTC is worth $58,512 at the time of writing. The flagship crypto is up more than 7% in the past seven days.
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Generated image: Midjourney
Featured image: Shutterstock/Konstantin Faraktinov