A crypto trader with hundreds of thousands of followers says a Bitcoin (BTC) short squeeze is inbound.
Pseudonymous crypto analyst Inmortal tells their 215,000 followers on the social media platform X that BTC is on its way up, squeezing short sellers dry.
“Chart looks like a short squeeze is imminent.”
Source: Inmortal/X
A short squeeze occurs when a sharp rise in the price of an asset forces traders who had previously sold short to close their positions. Short selling means selling borrowed shares of a stock with the expectation that the price will fall.
According to Inmortal’s price analysis (PA), consecutive higher lows mean smooth sailing ahead for BTC.
“Beautiful PA in low timeframes.
> Consecutive higher lows
> Deviation + Squeeze”
Source: Inmortal/X
Changing up their approach, the analyst provides their “honest thoughts” on BTC, sans chart.
“My honest thoughts on BTC, no chart.
> If bottom is not in, it is really close.
(It’s not about at what price, it’s about WHEN, it’s all about timing).
> 3 phases. So far you experienced 2.
(first leg up and summer break) second leg up is next, third phase.
That’s all.”
BTC is worth $58,512 at time of writing. The flagship crypto is up by over 7% in the last seven days.
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Featured Image: Shutterstock/Konstantin Faraktinov
