There’s a bold prediction in the air as a renowned cryptocurrency broker predicts that Bitcoin’s (BTC) value will surge sharply to the $30,000 level. A strong temporary squeeze, according to Inmortal’s anonymous analyst, “might be the first driver behind this Bitcoin rally.”
The primary engine of the rally is Quick Squeeze.
Such optimistic forecasts heavily rely on quick squeezes. For the uninitiated, this market phenomenon occurs when business owners who borrow an item to sell it for less money in an effort to profit from the price difference find themselves forced to buy the borrowed assets back. This may be a reaction to the market’s momentum shifting against them, resulting in more price rises.
At this time, Inmortal is keeping a close eye on the market. “Assist value. There is none. Either side is trying to position themselves for the upcoming large transfer,” he comments, bringing up the possibility of a squeeze that would significantly increase Bitcoin’s liquidity until the monthly open.
A Possible Dip Ahead of the Surge
Although Inmortal predicts a significant BTC rally, he does not exclude the possibility of a major pullback beforehand. According to his assessment, Bitcoin might see a corrective movement that drives its value all the way down to about $22,000 before any upward surge occurs.
Recognizing Market Indicators
The predictions made by Inmortal line up with several indications. Although the last price increase on May 22 was faced with selling pressure and resulted in a 3% decline, the value fractal of Bitcoin suggests an upcoming breakthrough. The Relative Energy Index (RSI), after hitting the mean degree, also showed a rejection.
The midway is now being retested using the Superior Oscillator (AO). A breach of the $26,555 assist level might cause a fall all the way to $25,175, where Bitcoin has a strong base. In the worst-case scenario, BTC may go as low as the $23,052 threshold, which would represent losses of 6% and 14%, respectively, from the current value level of $26,761.
This bearish prognosis, however, may be disproved if BTC successfully converts the $28,051 barrier into a support level, likely driving it as high as the $30,287 mark.
