A closely followed crypto strategist believes that Bitcoin (BTC) looks poised for a quick burst to the upside.
Pseudonymous analyst Kaleo tells his 553,400 Twitter followers that king crypto Bitcoin could be gearing up for a short squeeze.
“Finally, looks like BTC is ready to break out of the $16,000 – $17,000 base range it’s been stuck in the past several weeks. Initiate the squeeze.”
A short squeeze happens when traders who borrow an asset at a certain price in hopes of selling lower to pocket the difference (short) are forced to buy back as the trade moves against them.
Looking at Kaleo’s chart, it appears that he thinks Bitcoin could surge to as high as $18,800. At time of writing, Bitcoin is changing hands for $16,930, suggesting a nearly 10% upside for the king crypto should it hit the analyst’s target.
As for Ethereum (ETH), the crypto strategist also thinks that the top smart contract platform is ready for a rally.
“Ethereum/ETH finally looks primed for the next leg up in the ~$1,400 range.
Should see a bit of a pullback and consolidation in there before continuation higher.”
At time of writing, Ethereum is valued at $1,261.
The crypto strategist is also keeping a close watch on the S&P 500 (SPX). According to Kaleo, SPX looks primed to take out its resistance at 3,900 points.
“Once again, when SPX breaks 3,900 [points], buckle your seatbelts.”
Traders keep an eye on the SPX as the crypto markets tend to mirror the movements of the stock market index.
At time of writing, SPX is trading at $3,895.
Featured Image: Shutterstock/TadashiArt/Sensvector
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