CryptoQuant co-founder and CEO Ki Young Ju looks pretty optimistic today. On-chain expert Ju points out that name bulls are advantageous under the current circumstances. Sharing the chart below, Ki Young Ju said:
Bitcoin short squeeze hasn’t happened yet. Most of the continuous swap buying volume came from pure BTC purchases, not forced short liquidations. This means the bulls have more bullets. Few permabear plebs have been purged so far.
When the price starts to rise at some point, the rise gains momentum with the liquidation of short selling positions. This is called a short squeeze in the most general terms. Ki Young Ju thinks that as this has not happened for now, the Bitcoin price may experience a much larger rally. If the buyers remain strong, BTC will have made its last local bottom in the $25,000 region.