While the world’s first cryptocurrency, Bitcoin price is going downwards day by day, one of the closely followed crypto analysts and traders who’s been bearish towards Bitcoin for most of 2022, now has a bullish approach.
An anonymous trader who is known as Capo, informs his 492,100 followers on Twitter that trader activity during Bitcoin’s decline at $20,000 gives a green signal for short squeeze. Now, until BTC hits the $23,000 level, the analyst has a positive approach.
Bitcoin At $23k Soon
Whenever traders purchase an asset for a particular price so that they can sell at a lower price to fill up the difference (short) are demanded for buying back the asset as the trend is against their prediction. This method is known as short squeeze.
The trader claims that short squeeze is still possible as he is optimistic until Bitcoin recaptures $23,000 and $23,500 area.
To prove his claim, Capo talks about an August 24 post where he had stated that when Bitcoin hits $23,500, the currency declines towards a new low at $16,000 by mid-September.
At the time of publication, Bitcoin is changing hands at $20,009 with a drop of 0.95% over the last 24hrs.
Cardano (ADA)
Next, Capo discusses Cardano (ADA), a proof-of-stake blockchain platform. The analyst believes that even Cardano’s ADA will see an upward movement along with Bitcoin before it drops to a lower area.
Currently, Cardano is valued at $0.44 with a slight surge of 0.72% over the last 24hrs.
The post appeared first on Coinpedia
