Amazon News Causes Short Squeeze – Top Analyst Says That $100K In 2021 Price Prediction Is Confirmed
Top trader Randall Trzaska analyses the recent Bitcoin (BTC) pump and makes predictions on the upcoming BTC price movements.
“The last time Bitcoin did these two things in a row, the price 3x in five months on average which would give us a hundred thousand dollar bitcoin by Christmas,”
BTC gains 15% in 3 hours amid tight squeeze. Bitcoin has quickly surged to test resistance at $40,000 for the first time this month. Moreover, Bitcoin spiked to $48K on Binance Futures with $100M shorts liquidated in minutes.
According to the analyst, one of the reasons of this pump is the rumor that Amazon plans to accept Bitcoin payment this year. It is said that Bitcoin is the first step in Amazon’s crypto ambitions, executives at the company were keen to add other established cryptocurrencies in the future. The “directive is coming from the very top,” referring to Jeff Bezos with the comments that “This entire project is pretty much ready to roll.”
The trader says:
“All the fundamentals have been lining up for this to happen. The supply Bitcoin has just been getting sucked up and eventually as we saw recently bitcoin price spiked up 15 percent in a few hours,”
The analyst Trzaska highlights that there are 2 phenomenal fundamentals occurred that Bitcoin has not done since it was $56.5K.
The first sign is that Bitcoin has encountered its 1-day MA 50 (blue line). According to the trader, the last time when Bitcoin hit that blue line back in October 2020, the price was $10,000 before it reached $65,000. It also happened back when BTC was $6,000 before its rally to $12,000.
The second reason for bullish view on Bitcoin is its RSI downtrend:
“The first time it did that, the price went from 5,600 all the way up to that $12,500. The second time it did that, the price went from 11,000 all the way up to 65,000 dollars.”
If the history repeats, on average, the crypto KOL predicts that BTC will go up 3x in the next 5 months.