Top Analyst Predicts A $30,000 Short Squeeze For Bitcoin

A well-known analyst thinks Bitcoin (BTC) is getting ready for a powerful short squeeze that could send the king cryptocurrency to highs it hasn’t seen in over six months.

The fake crypto strategist Kaleo tells his 554,400 Twitter followers that Bitcoin is likely getting ready for a rally to $30,000, a price level it has yet to see since June 2022.

“$30,000 is a magnet.”

Source: Kaleo/Twitter

Bitcoin is currently purchased and sold for $21,319 USD. If BTC hits Kaleo’s target, it could go up by more than 40%.

Even though the crypto strategist thinks Bitcoin will go up, he believes it will take a lot of work to reach his goal of $30,000.

“Expecting one more wick beneath $20,000 before we see it. A bit of chop/accumulation beneath the high time frame trend before the god candle makes sense. The god candle will be here soon enough, though.”

The crypto analyst said that if Bitcoin fell below $20,000, short positions would likely be opened. This would make Bitcoin ready for a short squeeze.

A short squeeze happens when traders who borrow an asset at a specific price in the hopes of selling it for less and pocketing the difference are forced to buy back the support they borrowed as momentum moves against them, causing more rallies.

Kaleo also thinks the short drop is coming soon since Bitcoin has increased by more than 23% in just seven days.

“Bear trap soon.”

Source: Kaleo/Twitter

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