Bitcoin Price Prediction: Samson Mow Predicts “Explosive” Rally for BTC as This Learning to Earn Pre-Sale Surpasses $2 Million

The price of bitcoin fell almost 3% in the last 24 hours to trade at $67,637 at 01:00 am EST with trading volume increasing by 98%.

With this drop, bitcoin price has broken the three-day consolidation, with the strong bearish leg solidifying the break below the ascending parallel channel. Consequently, btc is approaching a more bearish state, which could be worse if the 38.2% Fibonacci level of $67,114 is broken.

Meanwhile, renowned btc veteran Samson Mow predicts an explosive rally for the price of bitcoin. He attributes this to “some entities massively selling (btc) into futures,” adding that they will likely be wiped out soon, as btc explodes north.

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This also coincides with my analysis. With so many left bell curve traders coming out to confidently explain that “short-term interest growth is just a cash-and-carry operation,” it's no wonder why we consistently see so many sell-offs. As if the carry trade didn't exist before this week… https://t.co/lDIxALdLPI

– Samson Mow (@Excellion) twitter.com/Excellion/status/1799953849266163872?ref_src=twsrc%5Etfw”>June 9, 2024

“Keeping bitcoin below $0.07 million is like compressing a coil. It will soon be explosive to the upside,” says Mow.

His claims align with what bitcoin investor Quinten said on May 9, that bitcoin price is being suppressed despite crazy ETF accumulation. Like Mow, Quinten attributed this to hedge funds shorting btc at record levels.

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Because it is twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Price Suppressed While ETFs Accumulate Like Crazy?

Why hedge funds are shorting twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc at record levels pic.twitter.com/3W19hyBWBv

—Quinten | 048.eth (@QuintenFrancois) twitter.com/QuintenFrancois/status/1799715028242661798?ref_src=twsrc%5Etfw”>June 9, 2024

When hedge funds take short positions in bitcoin, they are betting that the price will go down. This can create downward pressure on the price as these funds sell their holdings or enter into derivative contracts to profit from a drop in the asset's value.

Notably, these moves are often calculated by hedge funds or smart money themselves to accumulate lower prices in anticipation of a short squeeze.

How bitcoin Price Could Explode in a Short Squeeze

A brief contraction in bitcoin trading occurs when the price of bitcoin rises sharply, forcing traders who were holding short positions (betting that the price would drop) to cover their positions by purchasing bitcoin.

This sudden increase in purchasing activity can amplify price increases and create a self-reinforcing cycle. Here, more short sellers are forced to buy back their positions at higher prices, driving the price up further. This results in significant price increases and volatility in the market.

bitcoin price prediction

bitcoin price has fallen below the 23.6% Fibonacci retracement level of $69,581. As it triggers a foray into the Fibonacci Golden Zone between the 38.2% and 61.8% Fibonacci retracement levels, investors should proceed with caution.

There is a chance for bitcoin price to recover as the Relative Strength Index (RSI) is yet to confirm a continued downward move with a lower low. With this, btc could bounce above the 38.2% Fibonacci retracement level, providing another buying opportunity at $67,114.

This thesis is supported by the position of the moving average convergence and divergence (MACD) in positive territory. In case of recovery, only a candle close above $72,000 would confirm the continuation of the uptrend. This could cause btc price to extend a little further to reclaim the peak of $73,570.

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eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed” target=”_blank” rel=”noopener”>GeckoTerminal: btc/USD 1-Day Chart

On the contrary, if the RSI produces a lower high, the bearish trend could extend to bitcoin price. A drop below the 50% Fibonacci placeholder of $65,120 would trigger panic selling. However, only a candle close below the 61.8% Fibonacci retracement level of $63,125 would nullify the overall bullish outlook for btc.

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Promising alternative to bitcoin

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— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1787105033789538619?ref_src=twsrc%5Etfw”>May 5, 2024

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Join now! https://t.co/nA4Lw89WA0twitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto twitter.com/hashtag/Presale?src=hash&ref_src=twsrc%5Etfw”>#Presale twitter.com/hashtag/Alts?src=hash&ref_src=twsrc%5Etfw”>#alternatives pic.twitter.com/av0mkMvIbR

— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1781322130325430669?ref_src=twsrc%5Etfw”>April 19, 2024

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