On September 10, Bitcoin price managed to hold above $21,500. Some bullish analysts now expect the largest cryptocurrency in the market to continue this momentum and rise towards the $23,000 mark.
Analysts are slowly becoming Optimism
The $21,730 price is Bitcoin’s highest since Aug. 26 so far, and optimism appears to be returning. Bitcoin’s performance was relatively strong despite relatively low trading volumes over the weekend. We typically see weakness over the weekend as thinner orders make Bitcoin more vulnerable to price declines.
What we are mostly tasting among analysts right now is a sense of optimism, which is also tied to the upcoming Ethereum merger slated for next week.
On Tuesday, September 13, new U.S. inflation data will also be released, which is expected to be more important than next week’s consolidation. After all, we know pretty much what to expect from a merger, but inflation data is an important factor in the Fed’s policy going forward.
The bear squeeze is not over yet
Crypto pop il Capo says the so-called short squeeze is not over. We say a short squeeze when many short positions run into problems at the same time and have to buy Bitcoin to avoid liquidation. This happens when prices unexpectedly rise sharply and bear traders create additional upward pressure on prices. This is why we often see Bitcoin bursting upwards in the case of a short squeeze, and vice versa in the case of a long squeeze.
I think you have a 90%+ chance of buying BTC below $20k again.
— il Capo Of Cryptocurrency (@CryptoCapo_) September 11, 2022
In the long run, il Capo of Crypto has low confidence in Bitcoin, as in the aforementioned tweet, he stated that the chance of returning to $20,000 is set at 90%. In the short term, however, he and other analysts expect a rally to around $23,000. Then it’s up to you whether to get a little “profit” there or want to increase it further.
Source of information: Compiled from NEWSBIT by 0x information.The copyright belongs to the author Leon Markus, and may not be reproduced without permission