By Larry Wright
Bitcoin has been struggling for a few weeks now, and the price movement is not steady as well. It was said time and again and was anticipated that the bearish market and the corrections would be over in no time, but it seems that both these entities have overstayed their welcome.
Bitcoin is close to falling below the $20K price limit, which was the resistance line for the flagship cryptocurrency. It seems that if, soon enough, a bullish market doesn’t approach the flagship cryptocurrency, then it would indeed be a dark day for the whole crypto market.
A pseudonymous crypto trader and analyst by the name of Capo has remained quite bearish on Bitcoin and its price movement for many months now and has certainly turned bullish, saying that there is one fine silver lining that is approaching the flagship cryptocurrency.
As Bitcoin is approaching the $20K price point, Capo is certain that a little squeeze for the bullish market might be possible here, which would transcend the flagship cryptocurrency all the way to $23K, which is a solid and elemental resistance level by all accounts.
Bitcoin to Reach $23K
A short squeeze happens when the traders who earlier borrowed various units of a particular entity at a dedicated price only to sell it lower to pocket the difference are forced to buy it all back because their trade has backfired on them and the final result is not what they were opting for. This short squeeze might be able to bump the price of Bitcoin all the way to $23K or even $23.5K.
There was a catch-all along to the change of heart that the analyst had for the flagship cryptocurrency, and that is the fact that soon after the reaffirming in the price of Bitcoin happens, it is going to once again fall to the lows of $16K in the coming September.
It is hard to kind of grab the ultimate focus of the news, and what it is trying to say; it might be a moment of joy for the investors, but eventually, they would have to enter yet another bearish market.