Several closely-followed crypto strategists are explaining what awaits Bitcoin after BTC’s strong move from $35,000 to $40,000 in just 48 hours. Credible Crypto and Smart Contracter shared their current expectations for Bitcoin price. cryptocoin.com We also convey the comments of analysts…
Analysts: Bitcoin closes bearish above monthly resistance
As can be seen here, the cryptocurrency analyst named Credible, who had gotten various levels right before, told his 311,800 Twitter followers that the catalyst behind Bitcoin’s massive jump over the past two days was an “aggressive short squeeze”. Credible used the following expressions in his tweet:
There was an aggressive short squeeze yesterday. Not sure if it will hold but if it does the resistance is $42,000. If we trace the squeeze, I think we’re seeing a bottom between $29,000-32,000 based on the last post. At any point, a high timeframe close above monthly resistance indicates confirmation of the bottom.
Smart Contracter: BTC forms a short-term range
A short squeeze occurs when traders who borrow units of an asset at a certain price are forced to buy back as the trade moves against their bias, after hoping to sell lower to pocket the difference (in a short position). In the case of Bitcoin, traders were betting that BTC would break $35,000 after Russia announced its military action against Ukraine. Instead, the leading crypto rallied, forcing traders short of BTC to buy over $300 million in Bitcoin on February 24, pushing the rally (short squeeze) to $40,000 on February 26.
With Bitcoin managing to hold the $35,000 support, fellow crypto analyst Smart Contracter, who holds the forecast, tells his 205,200 Twitter followers that BTC is now forming a short-term range between $35,000 and $44,000. “There is a really big BTC reversal candle today. “I’m not sure if it’s at the bottom, but that should be a somewhat tradeable range.” BTC is trading at $38,881, up 0.2 percent at the time of writing. In the last seven days, it has experienced a 3.2% decrease.
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