According bitcoin/#Chart” target=”_blank” rel=”nofollow”>CoinMarketCap data, bitcoin (btc) has maintained its upward price trajectory over the past day, gaining 4.04% to briefly trade above the $48,000 mark. With btc now hovering around the $47,100 price zone, investors and market experts remain highly speculative about the token's next action. In that sense, the popular analyst Ali Martínez has qualified an important prediction that could mean significant losses for many investors.
Liquidity Hunters Target $45,810 in Possible bitcoin Price Manipulation Plot
in a X post on Friday, Martínez predicted an upcoming drop in the price of bitcoin driven by a planned liquidation. Using data from cryptocurrency futures trading platform CoinGlass, the analyst stated that the bitcoin liquidation heat map indicated that there is a possible strategic liquidation in play.
According to the bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin liquidation heat map, a potential strategy is being developed where liquidity hunters could boost the price of $btc up to $45,810. This measure aims to provoke liquidations worth 54.73 million dollars! pic.twitter.com/monFlZmvQ6
—Ali (@ali_charts) February 9, 2024
Martínez stated that liquidity hunters in the btc market could be looking to drive the price of the token down to $45,810 for personal benefits. For context, liquidity hunters are traders or investors who actively look for opportunities in the financial markets to exploit changes in liquidity.
This set of market players often targets specific price levels where there is a concentration of stop-loss orders or where market liquidity is expected to be tight. By triggering liquidations or capitalizing on price movements, liquidity hunters aim to profit from short-term market inefficiencies.
According to Martínez, liquidity hunters in the btc market are currently seeking to induce an estimated 3% drop in the price of the token. While this change may seem minimal, it represents a staggering $54.73 million in settlements. Based on these figures, btc traders and investors should be wary of potentially significant losses in the coming days.
btc Price Overview
The leading cryptocurrency has taken flight recently, gaining 8.6% over the past two days after a flat period of consolidation that extended into early February. Interestingly, the asset's path to further gains appears more certain with recent developments in the bitcoin ETF spot market, which recorded a total net flow of $403 million on February 8, the highest value of that metric since February 17. January.
At the time of writing, bitcoin is trading at $47,238, with a gain of 0.26% in the last hour. Meanwhile, the coin's daily trading volume has skyrocketed by 56.33% and is now valued at $39.42 billion. Furthermore, btc maintains its top spot in the cryptocurrency market with a total market capitalization of $924.67 billion.
<img decoding="async" class="aligncenter size-large" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-BTC-Price-Faces-Threat-as-Analyst-Predicts-5473-Million" alt="bitcoin" width="1479" height="893" loading="lazy"/>btc trading at $47,229 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured Image by Nairametrics, Chart by TradingView
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