This year, bitcoin might hit new all-time highs, although short bets may run into difficulties given the present upward trend.
According to recent predictions made by cryptocurrency specialists, there may be a large spike in the price of Bitcoin (BTC), but there will also be a significant squeeze on short sellers.
Kobeissi Letter analysts think short sellers could be in for a stressful journey.
According to an X post, Kobeissi clarified the significant difference between hedge funds’ short positions and institutional long positions. Hedge funds have about 15,000 net short contracts, while institutions hold close to 20,000 net bullish contracts.
At $160K, Bitcoin is “Conservative”
Furthermore, a prominent anonymous trader, Dave the Wave on X (formerly Twitter), tells his 143K followers that a $160K estimate for Bitcoin might be a bit low.
Dave bases his analysis on his personalized logarithmic growth channels (LGC), which allow him to predict market cycle highs and lows while ignoring short-term fluctuations and highlighting longer-term patterns.
According to his analysis, Bitcoin appears to be following a pattern similar to that of 2020, which was characterized by a breakout from an ascending channel into a parabolic upward trajectory and a significant price increase of almost 154%.
The latest increase in Bitcoin
Bitcoin has surged above the $70K threshold, marking a recovery of 14.2% from the previous week. According to a report by CryptoPotato, there is renewed interest from both institutional and retail investors, suggesting potential bullish momentum for BTC.
This turnaround follows significant outflows last week that drove the cryptocurrency’s price downward. After reaching its most recent all-time high of $73,800, Bitcoin experienced a steep decline of over $12,000, dropping to a multi-week low of under $61,000. However, BTC has now surpassed $70,000, leading to speculation within the community about the possibility of a new all-time high before the upcoming April halving.
March 2024, CryptoniteUae.
