Ethereum

Bitcoin

Change

<div class="finbold">
 <p class="paragraph">With the cryptocurrency market sentiment turning bullish and leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) posting solid gains in the past 24 hours, the race to new all-time highs has begun.</p>
 <p class="paragraph">Bitcoin added 6.06% to its value the previous day, propelling it above the $70,000 threshold for the first time in over a month. Due to the <a rel="noopener noreferrer nofollow" title="short" href="https://thebittimes.com/tag/short.html">short</a> <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a>, experts believe the new all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> high for the flagship crypto is approaching, as traders who had bet against Bitcoin are forced to buy back their positions, further driving up the price.</p>
 <p class="paragraph">In the past 24 hours, a sudden decrease in the number of short BTC positions has been noted. The number fell from 291 BTC to just 165, meaning that almost half of the short positions were liquidated with Bitcoin’s rapid price increase, leading to a cascade of buy orders as they rushed to cover their shorts.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    US bonds on track for worst performance in over 100 years <span class="self-center text-xs text-slate-500">20 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    GDPR violators pay fines exceeding $1 million daily in 2024 <span class="self-center text-xs text-slate-500">21 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    How is inflation calculated? A guide for everyday investors <span class="self-center text-xs text-slate-500">37 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Bybit celebrates 30 million users milestone amid unprecedented Web3 growth <span class="self-center text-xs text-slate-500">42 mins ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <figure class="wp-block-image size-full"><img decoding="async" width="765" height="472" src="https://cdn.thebittimes.com/images/2024/05/21/16adbbcc1d57f72cd77d9d83e18f2024.webp" alt="Change in BTC shorts in the previous 24 hours. Source: datamish
" class="wp-image-177227" srcset="https://cdn.thebittimes.com/images/2024/05/21/16adbbcc1d57f72cd77d9d83e18f2024.webp 765w, https://cdn.thebittimes.com/images/2024/05/21/16adbbcc1d57f72cd77d9d83e18f2024.webp 300w" sizes="(max-width: 765px) 100vw, 765px">
  <figcaption class="wp-element-caption">
   Change in BTC shorts in the previous 24 hours. Source: datamish
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-willy-woo-sees-this-short-squeeze-as-record-setting">Willy Woo sees this short squeeze as record-setting</h2>
 <p class="paragraph">The most recent liquidation of 1 month of Bitcoin short positions leaves only one layer of shorts before a potential short squeeze that could propel the maiden crypto to new all-time highs, according to cryptocurrency expert Willy Woo’s post on X on May 21.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="604" src="https://cdn.thebittimes.com/images/2024/05/21/981946db9459d2dcd3ad933ca2b3d6f8.webp" alt="Short positions layers on BTC chart. Source: Willy Woo
" class="wp-image-177228" srcset="https://cdn.thebittimes.com/images/2024/05/21/981946db9459d2dcd3ad933ca2b3d6f8.webp 1024w, https://cdn.thebittimes.com/images/2024/05/21/981946db9459d2dcd3ad933ca2b3d6f8.webp 300w, https://cdn.thebittimes.com/images/2024/05/21/981946db9459d2dcd3ad933ca2b3d6f8.webp 768w, https://cdn.thebittimes.com/images/2024/05/21/981946db9459d2dcd3ad933ca2b3d6f8.webp 1536w, https://cdn.thebittimes.com/images/2024/05/21/981946db9459d2dcd3ad933ca2b3d6f8.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Short positions layers on BTC chart. Source: Willy Woo
  </figcaption>
 </figure>
 <p class="paragraph">If the thesis holds, the current price difference of just 2.92% will be easily surpassed, making a new all<a rel="noopener noreferrer nofollow" title="-time" href="https://thebittimes.com/tag/time.html">-time</a> high above the previous $73,079 on March 14 a reality.</p>
 <h2 class="wp-block-heading" id="patterns-similar-to-previous-bull-runs">Patterns similar to previous bull runs</h2>
 <p class="paragraph">Zooming out on the price charts can often offer an additional layer of insight for traders, and that is exactly what professionals do when trying to <a rel="noopener noreferrer nofollow" title="predict" href="https://thebittimes.com/tag/predict.html">predict</a> potential future moves.</p>
 <p class="paragraph">This price pattern closely resembles the one of the 2017 bull run, which saw BTC’s price surge by over 800%, going from $2,100 to almost $20,000 in a span of six months–an increase that happened from May to December.<br>Now, crypto trading analyst <em>Jelle</em> thinks that history is repeating once again, as patterns look strikingly similar, according to the post on May 21.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="464" src="https://cdn.thebittimes.com/images/2024/05/21/71a886b570256db6c3365a625378058a.webp" alt="Similarity of price patterns on BTC chart. Source: Jelle
" class="wp-image-177229" srcset="https://cdn.thebittimes.com/images/2024/05/21/71a886b570256db6c3365a625378058a.webp 1024w, https://cdn.thebittimes.com/images/2024/05/21/71a886b570256db6c3365a625378058a.webp 300w, https://cdn.thebittimes.com/images/2024/05/21/71a886b570256db6c3365a625378058a.webp 768w, https://cdn.thebittimes.com/images/2024/05/21/71a886b570256db6c3365a625378058a.webp 1536w, https://cdn.thebittimes.com/images/2024/05/21/71a886b570256db6c3365a625378058a.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Similarity of price patterns on BTC chart. Source: Jelle
  </figcaption>
 </figure>
 <p class="paragraph">If gains are similar, the current bull run may elevate Bitcoin price well above $100,000, with the potential for gains being even higher as the price goes into uncharted territory.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-guru-willy-woo-predicts-bitcoin-short-squeeze-to-all-time-high-tbt89102.html">https://thebittimes.com/crypto-guru-willy-woo-predicts-bitcoin-short-squeeze-to-all-time-high-tbt89102.html</a></p>

Crypto guru Willy Woo predicts Bitcoin short squeeze to all-time high

Table of Contents

TheBitTimes

Other articles published on May 21, 2024

Common AMM launches on Aleph Zero: The First Step Towards Releasing the Ultimate ZK DeFi Suite (2...

Former Treasury Official Criticizes FIT 21 Ahead of House Vote

ETH ecosystem coins pump among possible Ethereum ETF approval

Bitcoin’s Liquidations Hit $97 Million Amid Market Rally

US lawmaker addresses House before FIT21 vote: Bill ‘will stop another FTX’

LAKE (LAK3) to Showcase Blockchain and RWA Solutions for Global Water Economy at London Blockchai...

Join our free newsletter for daily crypto updates!