Are Crypto Traders Positioning for a Bitcoin Rally or Further Decline?

• Most crypto traders are uncertain about Bitcoin’s next direction amid its sideways trend.
• Analyst Ted Pillows says Bitcoin may target $55K-$65K liquidity before bottoming.
• A trader who went short on Bitcoin with $100 million two months ago has just broken even.

Bitcoin’s prolonged sideways trend leaves many traders uncertain about which way the cryptocurrency will eventually go. While some market participants expect the recent pullback to give way to a renewed rally, others argue that Bitcoin may need to fall further before establishing a lasting bottom.  

Is Bitcoin Preparing to Pump?

According to Ted Pillows, “moonboys” will soon claim that Bitcoin has cleared all downside liquidity and is ready to surge to new highs. However, he believes a large liquidity cluster remains between $55,000 and $65,000, suggesting Bitcoin has not yet reached its bottom.

Wh…

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