Is $160,000 Conservative for Bitcoin? BTC Is About to Have Another Breakout: Here’s Why

Recent predictions from crypto analysts suggest that Bitcoin (BTC) could see a significant rise – while short positions face significant pressure.

Analysts at Kobeissi Letter believe that short sellers could be under a lot of pressure.

According to an X post, Kobeissi highlighted the significant gap between institutional long positions and hedge fund short positions; Institutions hold nearly 20,000 net long contracts, while hedge funds have about 15,000 net short contracts.

This margin could be the main catalyst for the BTC short squeeze, suspects Kobeissi. Continued upward pressure on Bitcoin price could force short sellers to cover their positions, further fueling bullish momentum.

BTC at $160,000 is “conservative”

Additionally, a popular pseudonymous trader named Dave the Wave on

Dave bases his analysis on his own version of logarithmic growth channels (LGC), which he uses to predict the tops and bottoms of market cycles while filtering out short-term fluctuations and highlighting overarching trends.

According to his analysis, Bitcoin appears to be following a pattern reminiscent of 2020, characterized by a breakout from an ascending channel into a parabolic upward move, resulting in a significant price increase of around 154%.

BTC’s recent recovery

At press time, Bitcoin had reclaimed $70,000, a 14.2% rebound from last week. As CryptoPotato reported, interest from institutions and retail investors is growing again, which could mean stronger bullish momentum for BTC.

This comes after last week’s massive outflows that drove down the price of the cryptocurrency. The asset fell more than twelve grand from its recent high of $73,800 to a multi-week low of under $61,000. Still, BTC is now above $70,000 and the community is wondering if there will be a new high before the April halving.

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