Bitcoin price drop from its all-time high may not be as simple as it looks, according to expert trader Luca, who predicts bears could be on the losing end in the weeks ahead.
He states that the current Bitcoin (BTC) price could trick bears, trapping them in the next big short squeeze.
According to Luca, it’s only a matter of weeks for this to happen. He also mentioned that the current setup mirrors a fractal that occurred last year ahead of the 2024 BTC price breakout.
Bitcoin Makers Are Laying Down the Bear Trap
Luca continued to explain that the key to understanding the direction of BTC price over the next few weeks lies in the Bitcoin exchange order books.
One of the signs that the largest cryptocurrency is yet to reach a new all time high is the absence of new higher highs. Interestingly, he pointed out this is not a bearish signal.
He observed that since BTC topped in mid-August, no highs had been taken out, and this was because short positions were being protected
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