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A closely followed crypto strategist believes Bitcoin (BTC) looks poised for a rapid rally.
The pseudonymous analyst Kaleo has told his 553,400 Twitter followers that the king’s cryptocurrency, Bitcoin, may be gearing up for a short-term squeeze.
“Finally, BTC seems poised to break out of the $16,000-$17,000 base range it has been stuck in for the past few weeks. Start squeezing.”
A short squeeze occurs when a trader borrows an asset, expects to sell it lower (short) to pocket the difference, and is forced to buy it back when the trade moves in the opposite direction.
Looking at Kaleo’s chart, he thinks Bitcoin could surge to $18,800. At the time of writing, Bitcoin is trading at $16,930, suggesting an almost 10% rise for Kingcrypt if it hits the analyst’s target.
When it comes to Ethereum (ETH), crypto strategists also believe the top smart contract platform is rally ready.
“Ethereum/ETH finally looks poised for the next stage in the $1,400s.
You should see some setbacks and consolidation there before continuing to rise. ”
At the time of writing, Ethereum is worth $1,261.
Crypto strategists are also eyeing the S&P 500 (SPX). According to Kaleo, SPX looks poised to remove its resistance at 3,900 points.
“Once again, when SPX breaks 3,900 [points], please fasten your seat belt. ”
Traders focus on SPX as crypto markets tend to mirror the movements of stock market indices.
At the time of writing, SPX is trading at $3,895.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/TadashiArt/Sensvector
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