Santiment: “There is a Short Squeeze in These Two Altcoins, an Increase May Occur at Any Time!”

While Bitcoin and altcoins are undergoing a significant correction following the ETF approval, on-chain analysis firm Santiment continues to attract attention with its analysis.

At this point, Santiment, who recently shared his analysis of Bitcoin Cash ($BCH) and Loopring ($LRC), argued that these two altcoins could rise.

Santiment pointed out that many short positions were opened on Binance for $BCH and $LRC after the sharp declines in the market, and stated that this could be a bullish signal.

“Bitcoin Cash ($BCH) and Loopring ($LRC) are among the most shorted assets on Binance after the crypto market dropped heavily this week.

While $BCH and $LRC are already showing signs of rise, liquidating opened short positions can serve as fuel for future rises.”

📊 #BitcoinCash and #Loopring are among the assets that are being shorted on #Binance after the #crypto markets dropped heavily this week. They are already showing signs of bounces, and short #liquidations would only act as rocket fuel if markets recover. https://t.co/zXnFzq9ll1 pic.twitter.com/6qYIzxpt1z

— Santiment (@santimentfeed) January 24, 2024

*This is not investment advice.