• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Bitcoin Short Squeeze May Reach $30,000, Top Crypto Trader Predicts

Bitcoin Short Squeeze May Reach $30,000, Top Crypto Trader Predicts

Eli Dambell by Eli Dambell
6 days ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

As Bitcoin breaks out of the $21k level, many crypto analysts have begun projecting further rallies for the asset. One of the famous crypto strategists, Crypto Kaleo, recently gave a high price prediction for the world’s largest cryptocurrency.

Addressing his over 550,000 followers on Twitter, Kaleo says BTC is preparing for a rally to $30,000. Bitcoin last saw $30,000 during the bear market in June 2022. However, the crypto strategist believes there would be fluctuations as Bitcoin targets $30,000, albeit his bullish stance.

Related Reading: HNT Balloons As Token Gets 36% More Helium In Run-Up To Network Migration

In his words, the market should expect more falls before Bitcoin reaches $30,000. According to Kaleo, there would be some lows beneath $20k, which would trigger lower positions before Bitcoin can be ready for the short squeeze. 

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

A short squeeze occurs when crypto traders borrow assets at a particular price, hoping to sell them lower and keep the difference. These traders often use overleverage short positions in the futures market. However, the traders would have no choice but to buy the borrowed assets as price propulsion pushes against them, sparking more rallies as market makers take out their liquidity to keep the momentum. 

Kaleo is confident that the short squeeze is approaching since the BTC price has already jumped above 23% within seven days.

Bitcoin Rally Could Signal Increased Volatility

BTC has witnessed several bullish indicators since the beginning of 2023, bringing it to a year-high of over $21,000. Bitcoin’s bullish rallies have boosted crypto traders’ hopes that the long-running bear market could end soon. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

There has been a reduction in the Bitcoin Fear and Greed Index to neutral, which might cause an increase in trading volume.

A massive increase in Bitcoin trading volume followed the recent price surge. Throughout the past week, Bitcoin trading volume has climbed above double the initial value, reaching $10.8 billion, a 114% increase. 

Bitcoin
Bitcoin Trading Volume, Source: Arcane Research

An increase in trading volume often leads to a spike in volatility. Bitcoin’s current seven-day volatility level of 2.4% is below the 2022 value of 3.1% but remained stable during the recent rally. There is a likelihood that the constantly increasing trading volume during the rally may cause a spike in volatility.

Centralized exchanges (CEXs) had to battle with low trading volume, which means lower transaction fees and revenue, including staff layoffs. Therefore, the rising trading volume is a welcomed development for the exchanges and BTC traders. 

Bitcoin Recovery Underway As Realized Profit And Trading Volume Increase

According to Glassnode’s data, on-chain realized profits for BTC return to the adjusted spent output profit ratio (aSOPR) value of 1.0. Some analysts believe it is the critical resistance level. The aSOPR historically indicates a shift in the total market cycle when increasing demands (trading volumes) absorb profits.

Related Reading: HNT Balloons As Token Gets 36% More Helium In Run-Up To Network Migration

BTC’s on-chain realized profit and loss ratio has jumped over the 1.0 mark, recording 1.56 profits against the January 16 losses. This marked a reversal of the downtrend that started in May 2022. An increase in realized gain without a price drop indicates market strength.

On-chain analytics by Glassnode also suggest that a BTC price recovery is underway. As the market absorbs more selling pressure without a fall in price, the overall fear and macro shift will reduce.

Technically, volatility, trading volume, and realized profits are pushing BTC decoupling from equities. Bitcoin’s previous price action correlates to US equities.

Bitcoin Short Squeeze May Reach $30,000, Top Crypto Trader Predicts
Bitcoin price floats above the $21,000 mark l BTCUSDT on Tradingview.com

The correlation to equities might have been due to asset accumulation by institutional investors. The correlation has reduced now that institutional investors hold fewer BTC and might exit the market in the future. 

Featured Image From Pixabay, Charts From Tradingview.
Tags: bitcoinBTCUSDTcentralized exchangesglassnode
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Eli Dambell

Eli Dambell

Related Posts

Bitcoin BTC

This Is How The Bitcoin Price Will Be Affected By Macro: Charles Edwards

10 hours ago
Bitcoin Bull

CryptoQuant’s Bitcoin PnL Index Forms Bullish Crossover

11 hours ago
Bitcoin BTC BTCUSDT

Banking Giant Goldman Sachs Ranks Bitcoin As World Best Performing Asset

1 day ago
Bitcoin

Bitcoin Short-Term Holder Profit-Taking Spikes, Will BTC Price Recover?

1 day ago
Bitcoin price

Here’s Why The Bitcoin Price Rally Stalled For Now

2 days ago
Bitcoin

Bitcoin Surges To $23,000 As Miners Sales Sees Multi-Year Low

2 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Solana (SOL) and LEO Token (LEO) Witness Steep Decline; Flasko (FLSK) Looking To Help Investors Recover Loss

January 26, 2023

BudBlockz (BLUNT) Emerges as a Haven as Bitcoin Cash (BCH) and Stellar (XLM) Struggle to Grow

January 26, 2023

The Top Picks for a Bear Market: Hedera (HBAR), Toncoin (TON), and Orbeon Protocol (ORBN)

January 26, 2023

STEPN (GMT) gains 21% as GameFi, and NFT Industries Suddenly Bounce Back, Decentraland (MANA) named one of the top creditors of bankrupted Genesis Global, Snowfall Protocol (SNW) Seems like the best buy in 2023

January 26, 2023

Polkadot (DOT) On the Rise Following New Releases This Week, Tron (TRX) Down 3% , Snowfall Protocol Is Giving Investors an Edge Over the Bear Market In 2023 With Over 500% Price Gain

January 26, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.