Bitcoin (BTC<\/a>) surged almost $1,000 in minutes on Jan. 12 as encouraging signs emerged from exchanges.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD hitting $43,468 Wednesday, its highest since Jan. 6.<\/p>\n The pair had been due to continue volatile moves, traders said, with more and more favoring a push higher rather than a renewed downside.<\/p>\n This would likely come in the form of a \u201cshort squeeze\u201d against latecomer shorters, they argued<\/a>, and Wednesday\u2019s sudden wick higher appeared to support the theory.<\/p>\n Funding rates across derivatives platforms stayed<\/a> either neutral or negative during the volatility, further hinting that the market had been overly betting on fresh losses.<\/p>\n Reacting, popular trader and analyst Scott Melker, known as the \u201cWolf Of All Streets,\u201d reiterated his spot price targets for divesting back out of BTC. A reclaim of higher levels beyond $50,000 would then form a pivot for a market entry, he told Twitter followers.<\/p>\n Targets for my leveraged long from $39,800.<\/p>\n – 42K ✅ I will be 75% out by then, leave the rest to see if we can hit $52K and then reassess.<\/p>\n Targets for my spot buys:<\/p>\n pic.twitter.com\/F1TRGlB3u6<\/a><\/p>\n \u2014 The Wolf Of All Streets (@scottmelker) January 12, 2022<\/a><\/p><\/blockquote>\n In his Tuesday YouTube update, meanwhile, Cointelegraph contributor Micha\u00ebl van de Poppe\u00a0flagged<\/a>\u00a0$43,000 as a potential springboard for a trip to $46,000, thanks to a lack of resistance in between.<\/p>\n \u201cI\u2019ve still got buy orders at $38,000; they will not be getting hit, but I\u2019ve been buying heavily here,\u201d he said.<\/p>\n Meanwhile, Wednesday\u2019s upcoming United States consumer price index (CPI) data, due at 8:30 am ET, could\u00a0provide fresh fuel for the fire<\/a>\u00a0should inflation fall outside of expectations.<\/p>\n Following on from Tuesday, altcoins capitalized on Bitcoin\u2019s newfound strength.<\/p>\n Related:\u00a0Bitcoin exchange outflows see biggest daily spike since September 2021<\/a><\/em><\/strong><\/p>\n The top 10 cryptocurrencies by market capitalization added upward of 4% on the day, led by Polkadot (DOT<\/a>), Terra (LUNA<\/a>) and Ether (ETH<\/a>).<\/p>\n The latter was up over 5% at the time of writing, heading firmly away from $3,000 support.\u00a0<\/p>\n Previously, warnings had come for altcoins across the board, with tokens yet to experience \u201creal pain\u201c<\/a>\u00a0during the current drawdown.<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/00a6d4bf-6b37-4456-8fc9-004420fadd5a.png\")
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– 45.5K
– 4.66K<\/p>\nEther among major altcoin high flyers<\/h2>\n
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