Bitcoin: Analysis of the BTC crash in 2022 predicts BTC,Ethereum,XRP and altcoins
The crypto strategist who correctly called Bitcoin's demise earlier this year says rallies are underway for both BTC and Ethereum (ETH).
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Analyst known in the industry as Capo told his 559,600 Twitter followers that it is “time” for Bitcoin to make a move as he believes the crypto bears are providing fuel. material for a rally.
“Price action looks upbeat. Heatmap looks upbeat...
All I see is a bunch of shorts that should be squeezed out. Shortening support is not a good idea. Send it to $21,000. "
A short squeeze occurs when traders borrow units of an asset at a certain price in hopes of selling them at a lower price to pocket the difference that is forced to buy back the asset when the trade goes against it. back with them. of your bias.
Data from market analysis firm Coinglass shows that traders have accumulated $3.63 billion in short positions in the past 24 hours at press time.
Bitcoin is currently changing hands for $19,453, up 1.70% on the day.
As for Ethereum, the crypto analyst believes ETH is gearing up for a rally above $1400, a price point that he says has “untapped liquidity.”
Traders often look for areas of high liquidity because they believe that investors with large positions will influence the price to move into that area to easily find buyers or sellers.
At the time of writing, Ethereum is trading at $1,362, up 3.92% on the day.
As for XRP, Capo warned that the sixth-largest cryptocurrency by market capitalization is likely poised for a sharp correction towards its $0.17 target.
"XRP Main Scenario".
At the time of writing, XRP is valued at $0.467, down just over 1% in the past 24 hours.
Oct 24, 2022