Top Crypto Analyst Predicts Imminent Short Squeeze for Bitcoin (BTC) – Here’s His Target
A closely followed crypto strategist believes that Bitcoin (BTC) looks set to rise rapidly.
Pseudonymous analyst Kaleo tells his 553,400 Twitter followers that crypto king Bitcoin may be preparing for a short squeeze.
“Finally, BTC looks poised to break out of the base $16,000-$17,000 range it’s been stuck in for the past few weeks. Start the squeeze.”
A short squeeze occurs when traders who borrow an asset at a certain price in hopes of selling lower to pocket the difference (short) are forced to buy back when the trade moves against them.
Looking at Kaleo’s chart, he seems to think Bitcoin could rise as high as $18,800. At the time of writing, Bitcoin is changing hands at $16,930, suggesting a nearly 10% upside for the royal crypto if it hits the analyst’s target .
As for Ethereum (ETH), the crypto strategist also believes the top smart contract platform is poised for a rally.
“Ethereum/ETH finally looks ready for the next leg up into the ~$1400 range.
Should see a bit of a pullback and consolidation in there before the continuation higher.”
At the time of writing, Ethereum is valued at $1,261.
The crypto strategist is also keeping a close eye on the S&P 500 (SPX). According to Kaleo, the SPX appears to be taking out resistance at 3,900 points.
“Once again, when the SPX breaks 3900 [points]fasten your seat belts.”
Traders keep an eye on the SPX as the crypto markets tend to mirror the movements of the stock market index.
At the time of writing, the SPX is trading at $3,895.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/TadashiArt/Sensvector
