Last week, Bitcoin saw its most remarkable weekly increase in three years, rising from less than $65,000 to nearly $80,000 in less than 48 hours. Such explosive moves are typically followed by a sharp retracement as investors tend to secure profits, particularly after extended periods of sideways activity devoid of significant gains. BTC has indeed corrected slightly since that three-month high, but remains rather stable at around $77,000.
However, one pessimistic analyst continues to assert that a more significant downturn is imminent. Lookonchain reported on a significant action taken by a prominent bear, wherein an anonymous trader initiated yet another substantial short position. On-chain data indicated that the most recent position is a 40x short on 300 BTC, presently valued at over $23 million.
What stands out is their unwavering persistence. Since the onset of the bitcoin rally, which has been mirrored by altcoins, the trader has attempted to short BTC and ETH on 14 occasions, yet these efforts have proven unsuccessful. The analysts at Lookonchain observed that the losses incurred by bears have surpassed $4.50 million, following the failure of all 14 short positions within a mere five-day span.
