The closely followed analyst bitcoin He thinks the price of (BTC) is poised for a major short squeeze that could push it to levels unreachable for more than six months.
kaleo The analyst, known by the alias, tells his 554,400 Twitter followers that Bitcoin is poised for a rally to $30,000, a price level it hasn’t seen since June 2022.
Analyst “$30,000 is a magnet.” expressed as.
As we reported as Koinfinans.com, at the time of this writing, Bitcoin is trading at $ 21,319, which shows that there is over 40% potential for BTC to reach Kaleo’s target.
Cryptocurrency While his analyst is bullish on Bitcoin, he believes the path to the $30,000 target will not be a straight line.
According to the analyst, a break below $20,000 will likely trigger the entry of short positions and ripen Bitcoin for a short squeeze.
Short position compression occurs when traders who borrow at a certain price in hopes of selling an asset at a lower price and pocketing the difference are forced to repurchase the borrowed assets as momentum moves against them, triggering more rallies.
Kaleo also stated that he believes a brief pullback is imminent as Bitcoin has soared over 23% in just seven days.
“Bear trap is near.” expressed his thoughts.
