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Top Analyst Says Short Squeeze Incoming, Predicts Rallies for Bitcoin, Ethereum and Chainlink

Top Analyst Says Short Squeeze Incoming, Predicts Rallies for Bitcoin, Ethereum and Chainlink

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A widely followed crypto analyst predicts a sudden rally to short a trio of digital assets fueled by sellers.

Crypto strategist Michaël van de Poppe shares a tweet from economist Jason Goepfert to his 628,000 Twitter followers.

According to Goepfert, retailers have used $18 billion in put options and accumulated $46 billion worth of short positions in index futures — both records.

Source: Jason Goepfert/Twitter

Poppy says that the record number of short positions in traditional markets is actually a bullish signal.

“Short Squeeze incoming.”

A short squeeze occurs when traders who borrow units of an asset at a certain price in hopes of selling lower in pocketing the spread (short) are forced to buy back when the trade moves against their bias.

Van de Poppe predicts a rally in traditional markets, and the crypto analyst expects Bitcoin (BTC) to be next.

“Bitcoin had a crucial area around $18,500 and is now looking to break out of that range.

Another $19,500 test (probably Monday) and we’re good to go.

Crucial hurdle to hold: $18,500.

Picture
Source: Van de Poppe/Twitter

At the time of writing, Bitcoin is changing hands at $18,887.

Next up is Ethereum (ETH), which according to Van de Poppe has support at $1,200.

“Ethereum is still at support, which was previously a resistance area.

Interesting though. It should stay here and test the $1,425-$1,450 range.”

Picture
Source: Van de Poppe/Twitter

At the time of writing, Ethereum is valued at $1,305.

The cryptoanalyst also closely monitors the decentralized oracle network Chainlink (LINK). According to van de Poppe, LINK may face a short-term withdrawal before it ignites the next leg.

“Two levels I’d watch in LINK (and I think we’ll be heading towards $12-15 soon).

The tested resistance around $8 would be a scalp short.

Swing needs about $7.”

Picture
Source: Van de Poppe/Twitter

At the time of writing, LINK is trading at $7.77, up more than 2% on the day.

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trades are at your own risk, and any losses are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/Alexxxey/Obsidian Fantasy Studio



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