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Bitcoin Could Witness Substantial Surge as Short Sellers Face Pressure

27/03 14:20

According to CryptoPotato, recent projections from crypto analysts suggest that Bitcoin (BTC) could experience a significant surge, while short sellers may face considerable pressure. Analysts from the Kobeissi Letter believe that the substantial gap between institutional long positions and hedge fund shorts could lead to a massive short squeeze. Institutions are holding nearly 20,000 net long contracts compared to hedge funds' approximately 15,000 net short contracts. This margin could be the main catalyst for the BTC short squeeze, according to Kobeissi. Continued upward pressure on Bitcoin's price could force short sellers to cover their positions, further fueling the bullish momentum. A popular pseudonymous trader known as Dave the Wave predicts that $160K for BTC could be rather conservative. Dave bases his analysis on his own version of logarithmic growth channels (LGC), which he uses to predict market cycle tops and bottoms while filtering out short-term fluctuations and highlighting overarching trends. According to his analysis, Bitcoin appears to be following a pattern reminiscent of 2020, characterized by a breakout from an ascending channel into a parabolic upward movement, resulting in a significant price surge of approximately 154%. At press time, Bitcoin had reclaimed the $70K level, a 14.2% recovery from last week. Interest from institutions and retail investors is growing again, which could mean more bullish momentum for BTC. This comes after last week's massive outflows that pushed the cryptocurrency's price south. The asset tumbled by more than twelve grand after its most recent ATH of $73,800 to a multi-week low of under $61,000. However, BTC now stands above $70,000, and the community wonders if there will be a new ATH before the April halving.

Bullish

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