Analysts warn that the rise in Bitcoin could accelerate and caution investors taking short positions.
The Bitcoin price’s ability to hold above $70,000 has brought a new wave of growth to the cryptocurrency market. Cryptocurrency analysts noted that the uptrend could accelerate from this point and pin down short-term investors in the market.
According to The Kobeissi Letter, institutional funds’ long positions and hedge funds’ short positions are diverging, suggesting increased volatility.
Data provided by the news agency indicated that hedge funds hold approximately 15,000 net short contracts, while institutions hold approximately 20,000 net long positions. This gap in positions is a historic level.
Moreover, the increasingly shorter duration of Bitcoin declines suggests that the uptrends could be much faster and more significant.
The Chief Analyst at crypto exchange Swyftx, Pav Hundal, provided a different perspective, stating that Bitcoin is ready to perform a short squeeze and could reach 80,000 dollars soon after, and we could seriously consider 100,000 dollars at some point this year:
There’s potential for significant price action that isn’t currently being reflected on the charts. If we see a short squeeze, Bitcoin could shoot up to $80,000 and from there it’s a serious consideration for $100,000 at some point this year.
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