Bitcoin short squeeze on 6000 mark. Will we ever see Bitcoin on a 3000 dollar mark?
I think that Christmas has come early for Bitcoin and bitcoin investors, and in fact, if you listen very carefully, I think you can hear something, can you not listen very carefully and he can probably hear the sound of screams, buy bitcoin short sellers, the people who are betting against Bitcoin, they're now getting squeezed out. Yes, guys, as I'm speaking right now in the last couple of hours, and I'm sure you'll probably noticed that yourself bitcoin has had a dramatic surge. It dramatic surge, which we in fact predicted would happen about only a couple of days ago. We set a big move. In fact, let me show you. Let's examine the evidence before I continue here and show you the exact reason why bitcoin is surging and skyrocketing here. As you may remember, just about a week ago, I posted a video and in that video I showed you this, I said, look, it's time to do the opposite of the herd.
The smart way you should try to start Bitcoin trading with small amount of money
In other words, everybody else on Bitcoin, and I said, bitcoin has very likely bottomed. That was most shocking prediction. Now, in case you're thinking, I'm doing this in a way, you know to Brag. No, absolutely not. I just want to show you the reasons to explain what's really going on here. Firstly, we know that the majority of the dumb money, okay, the majority of the non-commercials were betting against Bitcoin. I showed you that in this particular video that I just bought a week ago. I said, look, the dumb money, the non-commercials are betting heavily, heavily against bitcoin. They're short, in other words, are opening strong short positions against bitcoin. They were expecting bitcoin to drop, as you can see here by these figures released from the Chicago Board of exchange. So number one, the sentiment was against bitcoin among dumb money. According to a CNBC poll, and again, I mentioned this only a few days ago, they found that 64 percent of people, and I showed you this, 64 percent of people expected bit coin to drop lower.
They said that bitcoin had not bottomed. We disagreed. As I mentioned before. What is the likelihood? How likely is it that the dumb money is correct about bitcoin? They were clearly wrong here, as Jim Rogers said, guys, when everybody is thinking the same thing, somebody is not thinking we should at least examine the other side. Now, the other piece of evidence I showed you was that according to Google trends, people were googling this particular phrase is bitcoin did and the other phrase they were googling was this one how to short bitcoin. So these phrases were being searched a lot by folks out there who essentially trying to short bitcoin. Now in my video, about a few days ago, I also showed you this. I said, what is now the most likely move for bitcoin? And I showed you this. I said, look, bitcoin has retraced to a 61 point eight percent Fibonacci level, which by the way in case, let me just show you exactly what I meant by that.
So if I just do a quick FIBONACCI retracement tool here, there it is. There it is guys. So you can see that was the level I was showing to you. See, I came back to the 61 point eight percent retracement. Hell this level really nicely. And I said, look, pay attention now this could be a start of a big major move higher, and that of course is what has started and let's not forget the last piece of evidence, which is this one. I showed you this in my Sunday video. I said, bitcoins. Next move will let happen on this date. And I showed you this according to my time resistance indicator, my lte time projection indicator, the most likely dates for potential big move as I showed you in the video was between the 15th of 22nd of July, peeking around the 17th. I showed you this between the 17th to the 19th of July.
In other words, the peak, the highest probability time period for this to happen was within the 17th and the 19th of July. So guys, yes, without a doubt. This is a phenomenal move. And I think this is just the start. This is just the start of a major rally in Bitcoin in case you're wondering why I think it could go higher. Here's why. Let me show you this in case you're not familiar. This is what's called a short squeeze. And by the way, just in case anyone is not familiar with this term, that's not the kind of shorts I'm talking about. No, I'm talking about a short squeeze, which in financial terms, and I'm sure most of you know this any way, so a short squeeze according to Investopedia, is a situation in which a heavily shorted stock or commodity or crypto could the crypto move sharply higher, so move sharply higher, forcing more short sellers to close out their short positions and adding upward pressure to the stock or commodity or the crypto wars guys, short sellers are being squeezed out the short positions.
Let me just explain that very briefly. By the way, if you look in the, if you look in the journals, the articles online, and a whole bunch of nonsense out there in the media, they will tell you all bunch of nonsensical reasons. Okay? Which has nothing to do with the real reason. The real reason I just showed you guys is because short sellers that people who are betting against bitcoin had a lot of stops here. They're putting the stop losses here. Again, these are by stops. Remember that short sellers, the only way they can close out their positions by putting a stop loss, and that's called a buy stop. So what's happening is as Bitcoin is hitting these stop losses, as it's going higher, is triggering these stop losses. These buys stops which short sellers are placed as a result with creates a short squeeze.
Okay? And guys, what's happening is that these short sellers, these very same people who were saying that bitcoin is going to go to $3,000, okay? These are the same people by the way, who are saying that bitcoin is going to go to zero, going to go to 2000. Yes guys, these guys are being destroyed. Their positions are being taken out and you know what? They deserve it as, as I've said before in my videos, as I said in this particular video, as you see here, yes, the bottom is in for bitcoin now less. Don't get overconfident. Yes. This could still go pear shaped. Absolutely. There's a lot of resistance above us, so I'm not going to get over complacent here. There is still some resistance here. The 100 ema, but I think we could potentially break that at some point and yes, there's a lot of resistance obviously at the 10,000 to 12,000 levels.
In other words these previous levels way up there. Alright guys, but I think at the beginning this is the start of a potential big move in bitcoin and again this is exactly within the time period that I showed you in a previous video. Guys, I hope this video has helped understand exactly the reasons why this is happening. It's not because of the nonsensical reasons the most financial networks are talking about. No is because it's a short squeeze. That's what's going on guys. So stay with it on guys. Before I finish this video, we'll take a look at this. This is my algorithmic trading on bitcoin and you can see my algorithm opened the position long on Bitcoin and a nice profit there as well.
Alright guys, look forward to seeing guys in my next video update very soon. Thanks a lot.