Bitcoin Shorts Surge Again on Bitfinex – Is a Short Squeeze on the Way?

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The last two months have seen the BTC value cut in half from the top reached 3 months ago at $64k. Since the big drop, the bitcoin price has been ranging between $30k and $36k mostly.

Sudden spikes in BTC shorts on bitfinex happened several times recently as the chart below shows. It is worth noting that usually, the size of the shorts was around 20k BTC which is worth more than a half-billion dollars. And the sudden spike suggests that this is one entity opening this big position while FUD is usually spread over the media.

shorts - Bitcoin Shorts Surge Again on Bitfinex – Is a Short Squeeze on the Way?

This shorts pattern according to the tradingview chart above happened 4 times. The last spike in shorts started on July 7th and continues to rise steadily.

This whale that is trying to scare the crypto market might be trying to accumulate bitcoin at lower prices shaking the weak hands before the take-off.  Glassnode insights also suggest that whales are accumulating.

This time we have institutions on board and big players like Grayscale, MicroStrategy, Tesla and others but still, one entity can manipulate the market suppressing the price even after e 50% drop and crypto Twitter screaming we are in a bear market and bitcoin going down another 50%.

On the other side, the bullish scenario supported by Plan B model which suggests that we did not hit the top yet and that actually the bitcoin price is hovering at the bottom of the model and a further downside would invalidate the model which has not been broken never on the downside since the invention of bitcoin.

The fear and greed index has been at the lowest levels showing extreme fear.

greed index - Bitcoin Shorts Surge Again on Bitfinex – Is a Short Squeeze on the Way?

The question that arises now is are we going to kill the finex whale or is he going to eat the small fish?

I personally think we are about to get a short squeeze and the bears are left behind in the dust after a big green leg up.

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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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