Bitcoin Price Prediction After The $70,000 Short Squeeze

"Bitcoin has jumped to nearly $70,000, rising from below $65K as a $1.3B short squeeze," the news account @thedailyblock posted on X on August 19. Binance data backs it up: a $70,000 high on August 19, $71,570 on August 20, the first prints above the level since June 2, and $71,200 at the time of writing.

"First time above $70K since June 2nd. 163,000 traders liquidated in 24 hours," posted the trader behind @dxttools, as the squeeze that started at $65,000 on August 18 kept running. He credited a White House push on crypto legislation and "the US Treasury DOUBLING its long-term bond buyback program to crush yields." Tallies of liquidated shorts varied by poster, from @thedailyblock's $1.3 billion to the $2.7 billion @dxttools cited.

"Before that happens, I think $BTC could make a liquidity run toward $70K," the analyst account @BitcoinIntelX wrote on August 16, three days before it happened. "That's exactly where the trap could be." The account's roadmap: a few days of distribution, a liquidity sweep near $57,000, then a "Final flush toward the ~$44K bottom zone." The conclusion was blunt: "In my view, the final capitulation before the cycle bottom hasn't happened yet."

"I'm still not bullish. I still think there's one final brutal flush coming before the real move begins," the trader @0xPhantomDefi wrote on August 17, sketching his bitcoin price prediction as a fork: a bear path from $64,000 through $57,000 to $49,000 against a bull path through $74,000 to $95,000. "The market is eating every sell order thrown at it," he posted, adding that "for the first time in months, it's making me seriously question my bearish thesis."