Bitcoin Short Squeeze Expected Soon, Trader Shares Candid Views on BTC Growth

A prominent crypto trader, followed by a substantial number of individuals, has indicated that a Bitcoin (BTC) short squeeze is on the horizon. Referred to as Inmortal, a pseudonymous crypto analyst, shared insights with their 215,000 followers on the social media platform X, suggesting that BTC is poised for an upward trajectory that will squeeze out short sellers.

Inmortal’s analysis points towards an impending short squeeze in the Bitcoin market, a scenario where a rapid increase in an asset’s price compels traders who had previously bet against it to close their positions. Short selling involves selling borrowed shares of a stock with the hope that its price will decline.

The analyst’s price evaluation highlights a series of consecutive higher lows in the BTC price chart, indicating a smooth path ahead for the cryptocurrency. The analysis emphasizes the positive trend, stating, “Beautiful PA in low timeframes, with consecutive higher lows, deviation, and squeeze.”

In a departure from the usual chart-focused approach, Inmortal shared candid reflections on BTC without graphical aids. The insights touch upon the potential proximity of the price bottom, emphasizing the importance of timing in market movements. The analysis outlines three phases in the Bitcoin journey, with two already experienced (the first leg up and a subsequent period of consolidation), signaling the anticipation of the third phase, representing another upward movement.

As of the latest update, Bitcoin is valued at $58,512, reflecting a notable increase of over 7% in the past week. The current market conditions align with Inmortal’s projections of a potential short squeeze and a favorable price trajectory for BTC.

It’s essential to note that the opinions expressed by analysts like Inmortal serve as valuable insights into the dynamic crypto market landscape. Investors and enthusiasts closely monitor such analyses to gauge potential market movements and make informed decisions regarding their crypto assets. As the crypto market continues to evolve, staying informed about expert opinions and market trends remains crucial for navigating this rapidly changing financial ecosystem.