Analyst Says Small Bitcoin Price Drop Is On The Brink, Here’s Why

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The largest cryptocurrency, Bitcoin, is on the move in 2023, sending the entire cryptocurrency market off the ground with gains of 26% in January. It is now back above the $20,000 mark and is on track for its best month since October 2021. Prior to the fall of FTX, the total cryptocurrency market cap momentarily topped $1 trillion. dollars for the first time since early November.

Bitcoin is on the cusp of a short, major squeeze that could propel the cryptocurrency royalty to heights not seen in more than six months, an expert says. Analyst Kaleo said Bitcoin is likely preparing for a rally above $30,000, which would be the highest price since June 2022.

He claimed that “$30,000 is a magnet”. Even though the cryptocurrency analyst is bullish on Bitcoin, he thinks a straight line towards its target price of $30,000 is unlikely.

Before seeing it, he expects another wick to fall below $20,000 in price. He said, Expecting another wick under $20,000 before he sees it. A bit of chopping/accumulation below the high time trend before the divine candle makes sense. The Divine Candle will be here soon enough.

When traders borrow an asset at a given price with the intention of selling it cheaper to pocket the difference, they experience a short squeeze in which they are forced to repurchase the assets they borrowed as momentum builds. moves against them, resulting in more rallies. Given that Bitcoin is up over 22% in just seven days, Kaleo also believes a small dip is about to occur.

Bitcoin price has continued to rise, albeit more slowly, since last week. It hit an intraday high of $21,536 before falling back to support near $21,200, where it is currently trading.

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