Prominent Trader: Bitcoin to Trigger Short Squeeze Rally to $95,000 if It Breaks $83,000

BlockBeats News, August 26th - Renowned trader Killa stated that based on the high time frame structure, he is about 80% confident that the Bitcoin bottom has formed. However, strictly following the technical confirmation criteria, the current trend has not completed its transition as BTC has yet to reclaim and hold above the $83,000 high on the weekly chart.

$83,000 is a key level for confirming a substantial trend change. If Bitcoin breaks through and gains market acceptance above this range, traders should be cautious about blindly shorting the subsequent uptrend as bears may face strong pressure, driving the price towards around $95,000. In the short term, he expects the market to remain range-bound.