Analysis Company Warns of “Long Squeeze” in Bitcoin: “Rise Is Not Over, But...”

Bitcoin (BTC) reached a daily peak of $105,800 with the rise in recent days, but fell 3 percent in the evening hours to $101,000. BTC subsequently recovered to the $102,000 level. While US inflation data is awaited on BTC today, the analyst said that Bitcoin is at risk of profit taking and long squeeze. Joao Wedson, CEO of data analytics platform Alphractal, said that Bitcoin is simultaneously exposed to the risk of both profit-taking by long-term holders and a long squeeze. In a post on his X account, Wedson said that Bitcoin has now entered the “Alpha Price” range, where long-term holders and whales are considering selling. The analyst also noted that selling could be done to liquidate or close a long position, which would also increase the risk of a long squeeze. A long squeeze usually occurs when investors in long positions close their long positions to stop their losses as prices fall. This increases selling pressure on the market and leads to further price declines. Wedson said that despite his warnings, the rise in the Bitcoin price will not stop and will continue, and that investors should be careful. “Bitcoin at Alpha Price. This is an ideal time for OG Whales to make a profit. I’m not saying the price will stop rising! But given the incredible accuracy of this Onchain pricing metric, everyone should be more careful and expect an oversold situation at some point in the future.” The analyst also noted that if BTC drops to $100,000, long positions worth $3.4 billion could be liquidated, noting that there is a possibility the price could retest this level as it acts as a psychological support line. Finally, analysts generally predict that a lower-than-expected US Consumer Price Index (CPI) data could support Bitcoin, but a higher CPI could increase bearish pressure, leading to a price drop below $100,000. *This is not investment advice. Continue Reading: Analysis Company Warns of “Long Squeeze” in Bitcoin: “Rise Is Not Over, But...” Source: https://en.bitcoinsistemi.com/analysis-company-warns-of-long-squeeze-in-bitcoin-rise-is-not-over-but/