A crypto trader with hundreds of thousands of followers says a Bitcoin (BTC) short squeeze is inbound.

Pseudonymous crypto analyst Inmortal tells their 215,000 followers on the social media platform X that BTC is on its way up, squeezing short sellers dry.

“Chart looks like a short squeeze is imminent.”

A short squeeze occurs when a sharp rise 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 with 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 low timeframes.

> Consecutive higher lows

> Deviation + Squeeze”

Changing up their approach, the analyst provides their “honest thoughts” on BTC, sans chart.

“My honest thoughts on BTC, no chart.

> If bottom is not in, it is really close.

(It’s not about at what price, it’s about WHEN, it’s all about timing).

> 3 phases. So far you experienced 2.

(first leg up and summer break) second leg up is next, third phase.

That’s all.”

BTC is worth $58,512 at time of writing. The flagship crypto is up by over 7% in the last seven days.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Follow us on X, Facebook and Telegram

Generated Image: Midjourney
Featured Image: Shutterstock/Konstantin Faraktinov



Read the full article here

Share.

Leave A Reply

Your road to financial

freedom starts here

With our platform as your starting point, you can confidently navigate the path to financial independence and embrace a brighter future.

Registered address:

First Floor, SVG Teachers Credit Union Uptown Building, Kingstown, St. Vincent and the Grenadines

CFDs are complex instruments and have a high risk of loss due to leverage and are not recommended for the general public. Before trading, consider your level of experience, relevant knowledge, and investment objectives and seek financial advice. Vittaverse does not accept clients from OFAC sanctioned jurisdictions. Also, read our legal documents and make sure you fully understand the risks involved before making any trading decision

Exit mobile version