The CEO, Ki Young Ju of CryptoQuant which is a South Korea based analytics company, has predicted about Bitcoin and they can soon see a huge short squeeze in near future. It was also mentioned that there are various traders that keep on accumulating the short positions. On the other hand, some of the short liquidations have also well accounted for almost 10% of the hour to buy some of the market orders, as per June. This kind of the scenario can also play out now, thereby providing the Bitcoin with such kind of short in arm. Here, you don’t need to be much excited.
The truth is that Bitcoin can potentially as well as possibly experience other crucial short squeeze that simply does not mean that the new bullish cycle is all set to begin. On the other hand, it never indicates that cryptocurrency is absolutely close to bottoming. In the previous month, there was a dip to the lower level of $17,600 prior to seeing the mild relief rally.
Bitcoin in the Rocket Stage
It can also take just some months and years for other parabolic bull run or begin. It also predicted that next Bitcoin to be rocket stage that will ignite in the year 2024. On the other hand, bitcoin stays to be in the limbo. Moreover, the biggest cryptocurrency which well managed for reclaiming the level of $20,000. However, as per the sentiments of market that stay to be devastatingly bearish.
Also, “Fear & Greed Index” stays to be in territory of “extreme fear”, as per the latest update. It shows retail as well as institutional investors that expect the biggest cryptocurrency to simply plunge. Few of the analysts also believe about increasingly monetary policy of Fed. Also, the central bank now possibly will announce the hike of almost 100-basis point after latest and recent data of Inflation.
