Bitcoin & Ethereum price has again raised above their immediate resistance with a massive gain of more than 3% & 9% respectively. The latest jump may be a result of extensive selling pressure being mounted over the crypto space in the past week.
While some believe the upswing may hit immediate resistance, some popular analysts believe that it is just a beginning of a short squeeze.
Short-squeeze happens when huge short trades have been placed and the price is also dropping towards the south. Therefore, a huge influx of buying volume is induced to nullify the bearish impact, so that the shorts get liquidated and the price propels high.
One of the popular analysts believes that an unexpected short squeeze is fast approaching for Bitcoin, Ethereum & Cardano very soon.
The analyst had earlier marked the price targets for the Bitcoin (BTC) price when the asset was trading just below $20,000. According to him the BTC price may rise above $20,000, later mark the highs at $23,000 and undergo a huge price crash to $16,000.
A similar trap is also laid for the Cardano bulls as the analyst believes the ADA price may rise above $0.52 and heavily drop to $0.31 in the next couple of days.
Along with Bitcoin (BTC) & Cardano (ADA), Ethereum is also speculated to hit $1800 and quickly drop below $900 to hit the levels around $825.
Collectively, the analyst had earlier rightly predicted the recent crash as he is still extremely bearish on the crypto markets. Therefore, the bulls are required to trade with caution as a huge trap may have been laid down and the latest price jump may be the beginning of a short-squeeze.
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Sahana Vibhute A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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