On Tuesday, Bitcoin (BTC) hit $76,000 before falling back to around $74,000, and analyst Michaël van de Poppe thinks the market is getting ready for something bigger.
He argued in a post on X on Wednesday that low funding rates and rising open interest at resistance are the classic signs of a short squeeze, which could send BTC all the way up to $85,000–$88,000.
Overleveraged Shorts and a Third Attempt
Van de Poppe built his argument on derivatives data, not the price chart alone.
“The funding rate is negative,” he wrote. “This means people are overleveraged short while we’re attacking resistance.”
When funding goes negative, short traders are paying long traders to hold their positions open, which is a sign that the bearish trade has gotten crowded.
On top of that, he noted open interest has climbed sharply over the past few days, meaning more capital has quietly stacked up on the short side right where BTC has been rejected before.
That, he argued, is a trap waiting to
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