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.
[adinserter block="1"]“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.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Featured Image: Shutterstock/Konstantin Faraktinov
