Analysts report that Bitcoin is likely on the brink of a significant short squeeze in the coming weeks as bears become overly confident.
Bear Complacency in Bitcoin Market
Analyst Luca shared a forecast suggesting that Bitcoin's price action might repeat a breakout similar to the late 2024 scenario. He believes that the absence of higher highs is not a bearish indication. Bears seem too comfortable, setting the stage for a potential short squeeze.
BTC Price Breakout Confirmation
Many market participants are convinced that Bitcoin has technically confirmed its breakout. Trader Rekt Capital emphasized that "A Daily Close and/or retest of the ~$113k region would ensure additional trend continuation to the upside." BTC returned to $113,000, resulting in significant short liquidations.
Market Poised for Short Squeeze
According to CoinGlass, approximately $100 million in short positions were liquidated over the past 24 hours. This has led some analysts to believe that the correction that started in mid-August may have ended. Given the current market conditions, the likelihood of a short squeeze seems high.
Based on current observations, the Bitcoin market shows signs of a potential major short squeeze as bears become excessively confident in their positions.
