Recent predictions by cryptocurrency analysts suggest that while Bitcoin (BTC) could experience a significant rally, shorts could experience a significant contraction.
Analysts at Kobessi Letter believe short sellers could find themselves in a high-pressure situation.
according to X post, Kobessi revealed that there is a large gap between institutional investors' long positions and hedge funds' short positions. Financial institutions hold approximately 20,000 net long contracts compared to approximately 15,000 net short contracts held by hedge funds.
Kovesi suggests that this margin could be the main catalyst for a BTC short squeeze. If upward pressure on Bitcoin prices continues, short sellers will be forced to cover their positions, potentially adding to the bullish momentum.
$160,000 BTC is “conservative”
Additionally, on X (formerly Twitter), a popular pseudonymous trader known as Dave the Wave To tell His 143,000 followers think $160,000 for BTC could be quite conservative.
Dave bases his analysis on his own version of the Logarithmic Growth Channel (LGC). Use it to predict the ups and downs of market cycles, filtering out short-term fluctuations and highlighting overall trends.
According to his analysis, Bitcoin appears to be following a pattern reminiscent of 2020, which featured a breakout from an ascending channel to a parabolic rally, resulting in a significant price increase of approximately 154%. .
BTC’s recent recovery
At the time of writing, Bitcoin had recovered 14.2% from last week to the $70,000 level.as crypto potato According to reports, there is a resurgence of interest from institutional and retail investors, which could mean further bullish momentum for BTC.
This was in the wake of last week's massive capital outflows that pushed down the price of cryptocurrencies. The asset has fallen more than 12 grand from its recent ATH of $73,800 and is below its multi-week low of $61,000. Nevertheless, BTC is currently above $70,000 and the community is wondering if there will be a new ATH before the April halving.
