Short squeeze alert for January 2025: Two cryptocurrencies with potential to skyrocket
The wider cryptocurrency market has retraced downward after December 17 saw Bitcoin (BTC) reach a new all-time high (ATH) price of approximately $106,490. Following the high, the price of BTC retreated to roughly $94,000, before a failed retesting of the $100,000 mark. Prices subsequently crashed below $93,000 but had recovered to $95,256 by press time, with year-to-date (YTD) returns at 126.67%. While broad consensus states that this is just a temporary consolidation period before the market-wide rally continues, even temporary drops have a way of intensifying bearish sentiment. With short sellers having reaped significant rewards from this latest move to the downside, they have doubled down on their bets — in a move that leaves space for potential short squeezes. To identify potential short-squeeze opportunities for January 2025, Finbold retrieved derivatives data from CoinGlass to select two cryptocurrencies that both exhibit high short volume and possess the potential ...