Bitcoin & Ethereum price has again raised above their immediate resistance with a massive gain of more than 3% & 9% respectively. The latest jump may be a result of extensive selling pressure being mounted over the crypto space in the past week.
While some believe this bullish move could hit immediate resistance, some popular analysts believe it is only the beginning of a minor squeeze.
Short-squeeze happens when huge short trades have been placed and the price is also dropping towards the south. Therefore, a huge influx of buying volume is induced to nullify the bearish impact, so that the shorts get liquidated and the price propels high.
One of the popular analysts believes that an unexpected short squeeze is bullish for Bitcoin, Ethereum and Cardano very soon.
The analyst had earlier marked the price targets for the Bitcoin (BTC) price when the asset was trading just below $20,000. According to him the BTC price may rise above $20,000, later mark the highs at $23,000 and undergo a huge price crash to $16,000.
A similar trap has been laid for Cardano bulls as analysts believe that ADA price may continue higher above $0.52 and a steep decline towards $0.31 in the coming days.
Along with Bitcoin (BTC) & Cardano (ADA), Ethereum is also speculated to hit $1800 and quickly drop below $900 to hit the levels around $825.
Collectively, the analyst previously correctly predicted the recent crash as he is still extremely bearish on the crypto markets. Hence, the bulls need to trade with caution as a bigger trap may be laid and the latest price bounce could be the start of a short-squeeze.
