As expected, Bitcoin investors gobbled up Wednesday's dip. Looking onchain, many traders shorted these lows. I expect this short piling will continue as traders are clouded by recency bias. Continuous short liquidity combined with parabolic precious metals bull trends will take Bitcoin to $28k - $32k by late February. After a pullback, late longs and continued shorts will take Bitcoin to $48k. Once Bitcoin peaks, the second half of the bear market can begin as sellers compress Bitcoin to $21k by September - November 2023!
