As a seasoned crypto investor with over a decade of experience in the digital asset market, I find Ash Crypto’s analysis both intriguing and compelling. The potential liquidation of $33.14 billion worth of shorts if Bitcoin hits $72,462 is a significant development that could propel BTC to new highs. However, as someone who has seen bull markets turn bearish in the blink of an eye, I remain cautiously optimistic about this price target. The crypto market can be unpredictable, and it’s crucial to stay nimble and adaptable to changing market conditions.
Crypto expert Ash Crypto has warned the cryptocurrency market: if Bitcoin‘s price rises to $72,462, approximately $33.14 billion in short positions could be forced to close. This event, known as liquidation, would likely boost the bullish trend for Bitcoin.
Almost $33.14 Billion Will Be Wiped Out If Bitcoin Price Hits $72,462
Ash Crypto mentioned the liquidation alert in an X post, revealing that $33.14 billion worth of shorts will be liquidated if the Bitcoin price hits $72,462. These BTC bears are already in danger of getting liquidated, considering that the flagship crypto is fast approaching the $70,000 price level. This could pave the way for an extended rally to this liquidation price and even beyond.
The closing out of these Bitcoin short positions might boost the price of the leading cryptocurrency, potentially sparking an extended surge towards fresh record highs. Given that the current all-time high is around $73,000 and the price needs to reach approximately $72,462 to achieve this, such a development could be imminent.
As an analyst, I’m observing a notably bullish trajectory for Bitcoin prices at present. Over the past few days, we’ve witnessed a significant rally in the flagship cryptocurrency, with BTC briefly breaching the $69,000 mark on October 18. This surge adds to the growing optimism that Bitcoin could potentially reach a new All-Time High (ATH) shortly. In fact, predictions by Standard Chartered suggest this milestone might occur before the US elections on November 5.
It’s not yet clear if this will happen, but it’s important to note that the demand for Bitcoin is increasing once more, potentially driving another all-time high (ATH). Particularly, Spot Bitcoin Exchange Traded Funds (ETFs), which played a significant role in reaching a new ATH earlier this year, are once again purchasing. Data from SpotOnChain indicates that these Bitcoin ETFs accumulated $2.13 billion this week, with BlackRock alone adding $1.14 billion to its Bitcoin holdings.
Bear Analyst Warns Crypto Traders
Analyst Justin Bennett, known for his pessimistic outlook, has advised traders to exercise caution when trading Bitcoin due to its current price surge. He explained that the situation seems inconsistent and that being cautious during such volatile times is advisable for survival. Furthermore, he mentioned that he won’t be making any daring forecasts at the moment as the data appears to be contradictory.
However, he suggested that market participants shouldn’t be excited about Bitcoin’s breakout from the seven-month range. This followed his statement that the rally was primarily perp-driven and that open interest is back at its late July peak.
crypto expert CrediBULL Crypto, who has recently been bearish on Bitcoin, also cautioned that the recent surge in Bitcoin’s price might be fueled by the futures market known as perpetuals. In a recent post on X, he pointed out that the level of open interest has now exceeded what it was before Bitcoin plummeted from $70,000 to $49,000, suggesting potential risks.
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2024-10-20 02:10