Veteran trader Peter Brandt has issued a warning as another analyst predicts an incoming short squeeze for Bitcoin (BTC). In a warning issued to his Twitter followers, Brandt suggested that the current price action of Bitcoin resembles a textbook head and shoulders pattern, which is known among technical analysts as a bullish-to-bearish trend reversal indicator. On the other hand, another well-known pseudonymous crypto-analyst, Inmortal, believes that Bitcoin's latest dip could be the setting of a short squeeze.

The short squeeze is a phenomenon which occurs when traders who borrow a certain asset at a certain price believing it will drop further borrow more to cover the initial position, causing further market rallies in the process. Inmortal is also predicting Bitcoin's price action for the next few years, as he believes a bull market will start in the third quarter of 2021. He commonly uses cryptographics such as open interests and range lows to provide further evidence. He predicts a bullish run from the Q3 to Q4 of 2024 and a bearish rally from 2022 to the first quarter of 2024.

For the remainder of 2023, Inmortal has shared a number of scenarios in a related thread to Twitter with the most likely one being Bitcoin testing the $25,000 level following a similar 2016 price action. At time of writing, Bitcoin is trading at $26,940, 2.8% lower than 24 hours ago. This long-term prediction and analysis is made possible due to the rise of digital currencies and their increased use. Regardless, accurate and up-to-date information must always be taken into account when making a investment decision.



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