The analyst discusses the potential for a short squeeze in Bitcoin, referencing a recent 16% upward move from $108,000 to $126,200. While a 4% pullback has occurred, a further drop to the $119,000-$120,000 is anticipated before a stronger bounce. The analyst indicates a bullish outlook based on indicators from the recent move.A key point is that a high level of short positions leads to absorption by market makers, potentially leading to a straight move up stopping out those shorting with high leverage, this can happen after the pullback and the shorts adding aggressively. The bullish case will hold if the 118k level holds. Target is 126k.