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Bitcoin price: Expert predicts crypto ‘to close year on high note’ – ‘long-target of $60K’ | City & Business | Finance

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Bitcoin’s price is currently hovering around the $39,000 mark. This elevated price comes after last Sunday night’s market surge when Bitcoin may have “witnessed the largest short squeeze in its history”, according to one expert. The period between Sunday night and Monday morning, UK time, saw the worst for short-sellers, with over $1billion worth of Bitcoin short positions liquidated in 24-hours. After the market drama earlier this week Konstantin Anissimov, executive director at CEX.IO, told Express.co.uk: “Bitcoin is on track to close the year on a high note, with a medium to long-term target to beat the huge resistance at the $55,000 to $60,000 price range.”

Sunday night’s short squeeze came following a rumour that Amazon may accept payments in Bitcoin by the end of the year, speculation the company later denied.

But, the initial rumours prompted a sharp upturn nudge in Bitcoin prices that was enough to liquid a multitude of short positions.

Reflecting on the period, Jeff Ross founder of Vailshire Capital Management, tweeted: “Bitcoin short-sellers still down for the count.

“No attempted counterattack since recent short squeeze.

“I expect the Bitcoin price to consolidate in the current range of $39k to $41k over the next couple of days, barring any major catalyst.”

However, later speaking to Express.co.uk, Mr Ross said: “I think the effect of the short squeeze has already played out in the near-term, and in order for Bitcoin to surpass $41k, it will need a different catalyst.”

Funding rates on Bitcoin futures contracts have also shot negative suggesting many traders with short positions are settling payments to those with long positions.

Commenting on the behaviour of Bitcoin over the short term, Mr Anissimov, added: “Market investors that were betting on the prices of Bitcoin to fall were caught off guard earlier this week as the cryptocurrency recorded an upshoot to its largest price point in a month at $40,816”.

READ MORE: Can you pay Amazon with Bitcoin? Inside company’s crypto ‘ad’

“This price gain resulted in over $1.1billion liquidations, the largest short-squeeze recorded in the history of Bitcoin.

“This huge loss in short positions was stirred as investors became pessimistic amid the growing regulatory clampdown on the premier digital currency in China and other regions around the world.”

However, the CEX.IO executive director stated this “revival in Bitcoin was short-lived as those who took positions in the digital asset were quick to take profits”.

He added: “The potential upshoot in Bitcoin price that will see it make $40,000.

“A formidable support will depend a lot on the emergence of a positive fundamental.

“The news of Amazon and its plans to accept BTC payment, had it not been refuted would have helped the price revival, and as such, the ecosystem awaits a major milestone institutional adoption announcement.”

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This confidence in Bitcoin’s upward trajectory is echoed by Max Keiser.

Speaking about the recent market events the Bitcoin pioneer spoke to Express.co.uk and said: “It was a short-squeeze, all markets experience short squeezes.

“The long term trend in Bitcoin is up. Volatility is good.

“Bitcoin is imposing itself on the world and many are resisting, so it’s volatile, all change is volatile.”

Express.co.uk does not give financial advice. The journalists who worked on this article do not own Bitcoin.

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