Bitcoin’s recent price movement has been incredibly strong, finally bouncing back from its late-June weakness. Bitcoin’s price has risen to $110,000 after briefly dropping to the $108,000 level in the last 24 hours. new all-time high of $112,022. . data from Coinglass, The crypto market has seen a short sale of over $470,000,000.
Bitcoin’s recent price behavior has caused a change in sentiment, and is aligned with the argument that there’s a window of opportunity for shorting. may have officially closed. CrediBULL Crypto analyst CrediBULL Crypto says that it has now become a reality. “illegal” Short Bitcoin
The Bitcoin craze may have already begun
CrediBULL, a crypto analyst on social media platform X noted that it is now illegal To short Bitcoin. The comment was made during a period of high price volatility, and on-chain trading data showed a volume of $60.15 billion.
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CrediBULL Crypto has posted a detailed technical chart on X explaining his belief that shorting Bitcoin today is a very dangerous strategy. Note that his analysis was based on Elliott Waves counted on the chart with 8-hour candles. The previous wave analysis of his reflects the possibility of two scenarios. First, a short rejection of $110,000 is followed by a correction back to $102,000. This area was highlighted as the key demand level for daily. It would result in a sideways consolidating before the subsequent major upwards impulse.
But he now acknowledges that Bitcoin could have been a factor. already begun its next major leg This is the second situation. This scenario skips over the entire corrective phase of the first scenario. According to the analyst, “there is a non-zero chance that the next impulse up has already begun.” CrediBULL’s commentaries emphasize that Bitcoin is likely to fall further from its current level, but the decline is not as great. Shorting Bitcoin is a good idea now. equivalent to fighting A strong upwards momentum
Why shorting bitcoin now is a dangerous bet
Now it’s illegal to short Bitcoin. Bitcoin is no longer a bearish investment. The current setup is One of the continuations above $111,000 over the next few days. Bitcoin would be able to confirm that it has risen vertically into the third wave of an Elliott Impulse Cycle if Bitcoin were to clear this range between $111,000 and $112,000 with sufficient conviction.
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A price target of around $130,000 is interesting. From that point, a correction could form Wave 4, an impulse wave before Bitcoin begins another bullish leg. Finally, we have the most bullish scenario places Bitcoin is on the final Wave 5 move to $150,000.
Bitcoin currently trades at $111,270. The current downside is limited. Instead of trying to short what could be just the beginnings of another explosive rally, the focus should now be on finding long-term opportunities.
Featured Image from Pixabay. Chart by Tradingview.com
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Source: www.newsbtc.com
