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What’s interesting about this scenario that’s playing out is the last initial short squeeze propelled BTC from 7K to 8K and went down by 14K in contracts. While we have moved up from 6K to 7K, there has only been a squeeze out of roughly 7K in contracts. We still have a lot of lemonade to make with those bear tears and this will continue to drive BTC higher. I expect we will hit 10k by the end of September or thereabouts.
Not only are the short positions getting squeezed and driving the price higher. Overall finding this new “higher low” is very bullish for BTC. I wouldn’t be surprised if we go even higher than 10K by the year end, but it’s too early to tell at the moment how high we go.
See my ideas on Trading View here.