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Cryptocurrency Analyst Ash Crypto The cryptocurrency community has alerted that $33.14 billion is at risk if the price of Bitcoin reaches $72,462. This relates to Short positions It could be liquidated if the flagship cryptocurrency reaches this target price, a development that would be bullish for BTC.
Nearly $33.14 billion will be wiped out if Bitcoin reaches $72,462
Ash Crypto mentioned the liquidation alert in the X post, revealing that $33.14 billion worth of short trades will be liquidated if Bitcoin price reaches $72,462. These Bitcoin bulls are already at risk of liquidation, considering that the flagship cryptocurrency is rapidly approaching the $70,000 price level. This could pave the way for an extended rally to this liquidation price and even beyond.
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These qualifiers Bitcoin shorts It could be bullish for the flagship cryptocurrency, leading to an extended rally to new highs, especially with the current ATH of $73.00 on the horizon once the price reaches $72,462. However, there is also a scenario in which Bitcoin price could correct to disappear Excessive long positions Before continuing its upward movement.
At the moment, Bitcoin price undoubtedly has a bullish outlook, considering how the major cryptocurrency has risen since the beginning of this week. Bitcoin briefly reached $69,000 on October 18, raising optimism that the cryptocurrency could reach a new ATH soon enough. Standard Chartered recently forecast This is likely to happen before the US elections on November 5.
Although that remains to be seen, it is worth noting that demand for Bitcoin is on the rise again, which could fuel this rally into a new ATH. Specifically, Spot Bitcoin ETFs, which fueled the rush for new ATH earlier in the year, are once again actively accumulating. Spot On Chain Data It shows that Bitcoin ETFs saw a net inflow of $2.13 billion this week. Black RockIn particular, it added $1.14 billion worth of Bitcoin to its holdings.
Bear Analyst Warns Cryptocurrency Traders
Analyst Justin Bennettknown for its bearish analysis, warned traders to be cautious about trading amid the recent rise in Bitcoin prices. He stated that things are not going well and that being careful during periods like this is the best way to survive. He added that he would not make any bold predictions at the moment because the data is conflicting.
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However, he noted that market participants should not be excited about Bitcoin breaking out of the seven-month range. This followed his statement that the rally was primarily driven by perp and that Open interest It returned to its peak in late July.
CrediBULL Crypto Cryptocurrency AnalystHe, who has been a recent Bitcoin bull, also warned that the rise in Bitcoin prices is being driven by the perpetual market. Recently Share XHe noted that open interest has officially surpassed the level it was at before BTC’s recent drop from $70,000 to $49,000.
Featured image created with Dall.E, chart from Tradingview.com