Short squeeze alert for January 2024: Two cryptocurrencies with potential to skyrocket

The cryptocurrency market is experimenting with a retracement on December 26, with Bitcoin (BTC) triggering the drop. This correction comes amid rumors of Mt. Gox finally paying its 10-year creditors from the exchange collapse in 2014.

As the bearish sentiment intensifies, Bitcoin short-sellers are monetarily rewarded with meaningful profits. Therefore, other speculators have increased their short positions, which can further trigger short-squeeze liquidations.

In this context, Finbold retrieved derivatives data from CoinGlass to spot short-squeeze opportunities for January 2024. A short squeeze happens when short-sellers are forced out of their short positions amid a price surge, liquidating these traders and driving the price even higher.

1=lunc

2= shib

3=bonk

4=1000sats