Ki Young Ju, CEO of the famous cryptocurrency data platform CryptoQuant, made a new tweet. In his tweet, he stated that he expects a “short squeeze” for Bitcoin (BTC). Here are the details…
Ki Young Ju: Bitcoin investors should be on the lookout for short squeeze
Ki Young Ju, CEO of crypto analytics firm CryptoQuant, revealed in a tweet on Thursday that he is waiting for the major Bitcoin seller liquidation before the leading cryptocurrency makes bullish moves. The analyst used the following statements:
I’m expecting a big short squeeze. In late 2020, many continued to open short positions in BTC. It was liquidated in the $10,000 to $20,000 range before the parabolic bull run began. At that time, 10 percent of hourly buy market orders came from short-term liquidations. Now it’s around 1%.
“I’m not saying the bull run is near”
Clarifying his remarks in a second tweet, Young Ju emphasized that he did not say a bull run was imminent. Because he thinks such a run could take months or years. However, he states that the short squeeze event is imminent. “To be clear, I did not say that the parabolic bull run was about to begin,” Young Ju repeats. The analyst uses the following statements:
I’m just saying it looks close to the bottom. It’s time to wait until this short squeeze thing happens. It may be several months or years for the next parabolic bull run; we never know.
What is the latest situation in BTC price?
It’s worth noting that despite hopes that the cryptocurrency will surpass the $100,000 price point, Bitcoin has dropped over 70 percent from its peak in November 2021. The recent decline in the crypto space is attributed to Bitcoin’s growing correlation with perceived risky technology stocks in an increasingly difficult macroeconomic environment. On July 13, the largest cryptocurrency managed to reclaim $20,000. However, the market sentiment continues to be overwhelmingly bearish. According to the latest update, the “Fear and Greed Index” remains in the “extreme fear” region.
A recent Bloomberg poll showed that most individual and institutional investors expect the biggest cryptocurrency to drop as low as $10,000. As we reported on Kriptokoin.com, some analysts believe that the Fed is increasingly implementing a hawkish monetary policy. After the latest inflation data, it is highly probable that the Central Bank will announce a 100 basis point hike. The top cryptocurrency is currently trading at $20,538 on the Binance exchange.
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