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bitcoin-upsuge/” rel=”nofollow”>crypto Analyst Ash crypto has alerted the crypto community that $33.14 billion is at risk if the price of bitcoin hits $72.462. This is related to the bitcoin-bulls-crypto-shorts-liquidated-btc-66000/” rel=”nofollow”>short positions That could be settled if the flagship cryptocurrency hits that price target, a development that will be bullish for btc.
Nearly $33.14 Billion Will Disappear If bitcoin Price Hits $72.462
Ash crypto mentioned the liquidation alert in an x post, revealing that $33.14 billion in shorts will be liquidated if the bitcoin-price-200-ma-break/” rel=”nofollow”>bitcoin price reaches $72,462. These btc bears are already in danger of being liquidated, considering that the flagship cryptocurrency is rapidly approaching the $70,000 price level. This could pave the way for a prolonged rally to this settlement price and even beyond.
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The settlements of these bitcoin shorts could be bullish for the flagship cryptocurrency, leading to an extended rally to new highs, especially with the current ATH of $73.00 in sight once the price reaches $72.462. However, there is also a scenario where bitcoin price could correct and exit. bitcoin-sees-largest-long-position-liquidation/” rel=”nofollow”>overleveraged longs before continuing its upward movement.
For now, bitcoin price certainly has a bullish outlook, considering how the flagship cryptocurrency has rallied since earlier this week. btc briefly touched $69,000 on October 18, providing even more optimism that the crypto could reach a new ATH soon enough. bitcoin-pre-us-elections/” rel=”nofollow”>Standard Chartered recently predicted which will likely happen before the US elections on November 5.
Although that remains to be seen, it is worth mentioning that bitcoin demand is once again on the rise, which could drive this rally towards a new ATH. Specifically, bitcoin Spot ETFs, which fueled the run to a new ATH earlier in the year, are again actively accumulating. x.com/spotonchain/status/1847493762211336262″ rel=”nofollow”>SpotOnChain Data shows that these bitcoin ETFs witnessed a net inflow of $2.13 billion this week. bitcoin-bombshell-q3-earnings-call/” rel=”nofollow”>black rockNotably, it added $1.14 billion worth of btc to its holdings.
Bear Analyst warns cryptocurrency traders
bitcoin-4-year-cycles-are-over/” rel=”nofollow”>Analyst Justin BennettKnown for his bearish analysis, he warned traders to be cautious when trading amid this recent bitcoin price rally. He stated that things are not adding up and staying cautious during periods like this is the best way to survive. He added that he will not make bold predictions at the moment because the data is contradictory.
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However, he suggested that market participants should not get excited about bitcoin breaking out of the seven-month range. This followed his statement that the demonstration was mainly driven by criminals and that bitcoin%20open%20interest%20is%20a,which%20was%20achieved%20in%202021.” rel=”nofollow”>open interest has returned to its late July peak.
crypto-pepe-ethereum-xrp/” rel=”nofollow”>crypto Analyst CrediBULL cryptowho has been a bitcoin bear of late, also warned that bitcoin's price rally is being driven by the perpetual securities market. In a recent x.com/CredibleCrypto/status/1847324421008347176″ rel=”nofollow”>x publicationnoted that open interest has officially surpassed the level it was before btc's latest drop from $70,000 to $49,000.
Featured image created with Dall.E, chart from Tradingview.com
