Several closely followed crypto strategists explain 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. As Kriptokoin.com, we also convey the comments of the analysts…
Analysts: Bitcoin closes the month above the monthly resistance
As can be seen here, the crypto money analyst named Credible, who had previously guessed various levels correctly, has 311,800 Twitter followers. He said 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.
Source: Twitter – Credible Crypto Smart Contracter: BTC forming a short-term range
Short squeeze, traders borrowing units of an asset at a certain price, It occurs when they are forced to buy back while the trade is acting 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 $35,000 support, fellow crypto analyst Smart Contracter, who kept the forecasts, tells 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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