BTC Approaches Bottom as 1% of Hourly Market Orders Are Sells
2022.07.16 00:15
- Ki Young Ju stated in a tweet that in late 2020, people kept on creating short positions against Bitcoin (BTC).
- Ki Young Ju clarified that this does not necessarily mean that a parabolic bull run is about to start.
- BTC is currently trading at $20,817.82 after a 4.16% increase in price over the last 24 hours.
Ki Young Ju, the founder and CEO of CryptoQuant, stated in a Tweet on June 15 that people kept on creating short positions against Bitcoin (BTC) in late 2020. They then got liquidated in the $10k-$20k range, followed by a parabolic bull run shortly after.
Back then, 10% of the hourly buy market orders were from short liquidations. Now, the figure stands at 1%, according to data released from CryptoQuant.
Ki Young Ju clarified that his claim does not necessarily mean that a parabolic bull run is about to start, but it does, however, suggest that BTC is very close to its bottom. Investors should now be patient and wait until the short squeeze event happens. The short squeeze could persist for a few months or even years before the next parabolic bull run, but only time will tell.
