UPDATE 2. Bitcoin short squeeze $60k->$110k is even more likely.Bitcoin / US Dollar IndexBITMEX:XBTpistissophiacapitalThis is a short-term update on the recent Elliott Wave structure. There may or may not be a new low within the accumulation, but it's more likely there won't be one and that the impulsive wave has already started. First off, the slow grind from the bottom toward MA200 W1 suggests supply is already being absorbed — the grind looks exactly like a short squeeze in development. Traders waiting for a pullback or new low that possibly won't happen will add fuel to the rally when they're surprised and forced to cover their positions. The grind started with impulsive wave (1), followed by a correction in wave (2), and then impulsive wave (3) — which isn't very large, because wave (5) is likely to be the extended one. Price climbed toward MA200 W1 and started consolidating, clearly respecting this level. The wave structure looks like wave (4), which doesn't look done yet and will likely retest local support at $60,200 without touching the top of wave (1). Wave (4)'s that take a long time and look "heavy" usually act as reaccumulation and prepare the ground for an explosive, extended wave (5). What should follow is a swift, explosive move toward $84k in wave (5) — likely even by the end of July. So far, all building blocks confirm my thesis, and the short squeeze might happen very soon.