A well-known analyst active in social networks believes that the price of Bitcoin will reach price levels that have not been seen in the past six months due to a massive short squeeze.
According to Valks and quoted by Dailyhodl, this analyst, who is nicknamed Kaleo Active addressed his more than half a million Twitter followers with this prediction. This price was last seen in June 2022.
Kaleo said:
The $30,000 level is like a magnet.
At the time of writing this article, the price of Bitcoin is $21,286. This means that if this prediction is realized, investors can see a 40% increase in the value of their capital.
Although the strategist is optimistic about the future of Bitcoin, he believes that the road to the $30,000 target will be a tortuous one. He added:
I expect to see a sub-$20,000 candle before reaching the target. A little profit correction and accumulation in the upper time frame is necessary before a dream candle is realized. This dream candle will soon be found.
According to Bitcoin analysis by Kaleo, the price drop to below $20,000 will cause short positions to enter the market, which makes it a “short squeeze”.
Short squeezes occur when investors who borrowed an asset in the hope of its value falling, are forced to buy it back at a higher price due to an unexpected price movement, which in turn causes the price to rise again.
He also believes that an imminent Bitcoin price correction is coming; Because this currency has experienced 23% growth. He said in this regard:
Soon we will see a bear trap.
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