Bitcoin Price Prediction: Samson Mow Predicts “Explosive” Rally For BTC As This Learn To Earn Presale Blasts Past $2 Million

The
Bitcoin
price
tumbled
almost
3%
in
the
past
24
hours
to
trade
for
$67,637
as
of
01:00
a.m.
EST
on
trading
volume
that
surged
98%.

With
this
dump,
the
Bitcoin
price
has
broken
the
three-day
consolidation,
with
the
strong
leg
down
solidifying
the
break
below
the
ascending
parallel
channel.
Accordingly,
BTC
is
edging
toward
a
more
bearish
status,
which
could
be
worse
if
the
38.2%
Fibonacci
level
of
$67,114
breaks.

Meanwhile,
renowned
BTC
veteran
Samson
Mow
predicts
an
explosive
rally
for
the
Bitcoin
price.
He
attributes
this
to
“some
entities
shorting
[BTC]
massively
on
futures,”
adding
that
they
are
likely
going
to
get
annihilated
soon,
as
BTC
explodes
to
the
north.

This
matches
with
my
analysis
too.
With
so
many
left
bell
curve
traders
popping
up
to
confidently
explain
“the
short
interest
increase
is
just
a
cash
and
carry
trade,”
it’s
no
wonder
why
we
constantly
see
so
many
liquidations.
Like
the
carry
trade
didn’t
exist
before
this
week.…

https://t.co/lDIxALdLPI

—
Samson
Mow
(@Excellion)

June
9,
2024

“Bitcoin
being
kept
at
sub
$0.07M
is
like
compressing
a
coil.
It’s
going
to
be
explosive
to
the
upside
soon,”
Mow
notes.

His
assertions
align
with
what
Bitcoin
investor
Quinten
said
on
May
9,
that
the
Bitcoin
price
is
suppressed
despite
crazy
ETF
stacking.
Like
Mow,
Quinten
attributed
this
to
hedge
funds
shorting
BTC
at
record
highs.

Why
is

#Bitcoin
price
suppressed
while
ETFs
are
stacking
like
crazy?

Because
hedge
funds
are
shorting

$BTC
at
record
highs

pic.twitter.com/3W19hyBWBv

—
Quinten
|
048.eth
(@QuintenFrancois)

June
9,
2024

When
hedge
funds
take
short
positions
on
Bitcoin,
they
are
betting
that
the
price
will
decrease.
This
can
create
downward
pressure
on
the
price
as
these
funds
sell
off
their
holdings
or
engage
in
derivative
contracts
to
profit
from
a
decline
in
the
asset’s
value.

Notably,
such
moves
are
often
calculated
by
the
same
hedge
funds
or
smart
money
to
accumulate
at
lower
prices
in
anticipation
of
a
short
squeeze.

How
Bitcoin
Price
Could
Explode
On
A
Short
Squeeze

A
short
squeeze
in
Bitcoin
trading
occurs
when
the
price
of
Bitcoin
sharply
rises,
forcing
traders
who
had
short
positions
(betting
on
the
price
going
down)
to
cover
their
positions
by
buying
Bitcoin.

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

Bitcoin
Price
Prediction

The
Bitcoin
price
has
broken
below
the
23.6%
Fibonacci
retracement
level
of
$69,581.
As
it
teases
with
a
foray
into
the
Fibonacci
Golden
Zone
between
the
38.2%
and
61.8%
Fibonacci
retracement
levels,
investor
should
exercise
caution.

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

Supporting
this
thesis
is
the
position
of
the
Moving
Average
Convergence
Divergence
(MACD)
in
positive
territory.
In
the
case
of
a
recovery,
only
a
candlestick
close
above
$72,000
would
confirm
the
continuation
of
the
uptrend.
This
could
see
the
BTC
price
extend
a
neck
higher
to
reclaim
the
$73,570
peak.

GeckoTerminal:
BTC/USD
1-day
chart

Conversely,
if
the
RSI
produces
a
lower
high,
the
downtrend
could
extend
for
the
Bitcoin
price.
A
slip
below
the
50%
Fibonacci
placeholder
of
$65,120
would
provoke
panic
selling.
However,
only
a
candlestick
close
below
the
61.8%
Fibonacci
retracement
level
of
$63,125
would
negate
the
big-picture
bullish
outlook
for
BTC.

Meanwhile,
investors
are
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a
learn-to-earn
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it
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Bitcoin

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Since
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pic.twitter.com/lJjLgkgVI2

—
99Bitcoins
(@99BitcoinsHQ)

May
5,
2024

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pic.twitter.com/av0mkMvIbR

—
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(@99BitcoinsHQ)

April
19,
2024

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