Bitcoin Traders Anticipate Potential Short Squeeze Amid Predictions of Price Surge Towards $120,000
Main Idea
Bitcoin traders are anticipating a significant short squeeze that could drive BTC's price to $120,000, with a CME gap at $116,500 being a key level to watch.
Key Points
1. Analysts predict Bitcoin could reach $120,000 due to a potential short squeeze, with $18B+ in short liquidations possible.
2. A CME gap at $116,500 is seen as a crucial level that may act as a local low or reversal point.
3. Market sentiment is optimistic as BTC approaches new highs, with traders closely monitoring price movements and liquidity conditions.
4. Weekend trading saw heightened liquidations, totaling $350 million in the crypto market, indicating volatile conditions.
5. Some traders suggest a brief retracement may occur before a potential push above $120,000, based on historical bull market comparisons.
Description
Bitcoin traders are anticipating a significant short squeeze, with predictions suggesting BTC could reach $120,000 in the near future. Bitcoin has reached new August highs, with traders seeing significant liquidations
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