If Bitcoin bulls manage to push through its all-time high of $74,300, it can trigger an additional $1.45 billion in short liquidations thereby opening the gates for a rally to $100K.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
2 mins read
As the odds of the spot Ethereum ETF approval improve, Bitcoin along with the broader crypto market staged a strong recovery. Bitcoin (BTC) price surged by 7% moving all the way to $72,000 leading to more than $85 million in short liquidations, as per data from CoinGlass.
Popular crypto analyst Willy Woo noted that over the past month, the bulls have been constantly tackling overhead resistance . “1 month of Bitcoin short position build-up just got liquidated. One more layer to go in order to short squeeze past all-time highs,” he wrote.
If the Bitcoin bulls manage to break the all-time high of $74,000, then the BTC price will enter the price discovery zone opening the gates for further rally to $100,000 and more. Data shows that if the BTC price surpasses its all-time high of $74,300, it can trigger over $1.45 billion in short liquidations.
🚨$1.45 Biliion of #Bitcoin shorts will be liquidated at 74.3K
SEND IT pic.twitter.com/ItVi34PHHm
— Thomas | heyapollo.com (@thomas_fahrer) May 21, 2024
As per the popular trader Skew, the recent surge in the Bitcoin price comes on the backdrop of a strong inflow in the US spot Bitcoin ETFs over the last week. During the last week, the Bitcoin investment products witnessed inflows of over$900 million.
This shows that institutional participation in Bitcoin is back on track after a short hiatus. If these inflows continue to remain strong, they will surely propel BTC price to $100K and beyond.
Popular crypto analyst CryptoCon writes: Bitcoin remains on course to hit a layer 7 price target of $149,000 by the end of this year, according to the Log Regression Curves, a measure that accurately predicted the 2021 cycle tops.
A more conservative target of $108,000 is projected by layer 6, which marked the 2013 cycle top. A new development in this cycle is Bitcoin’s consolidation within the red bands, aligning with reduced volatility.
#Bitcoin is still on track for a layer 7 price target of 149k by the end of this year.
This is according to the most accurate measure for both 2021 cycle tops, the Log Regression Curves.
The more conservative layer 6 has a target of 108k by that time, which is the layer that… pic.twitter.com/Hg3YyZO3Qf
— CryptoCon (@CryptoCon_) May 20, 2024
Along with Bitcoin, the altcoin market is also on the way to a strong recovery after weeks of consolidation. Michael van de Poppe, a prominent crypto analyst, has observed that the altcoin market capitalization has completed its correction phase.
He anticipates the next step will be achieving an all-time high, projecting a rise of approximately 60-70% from current levels. Van de Poppe specifically highlights Ethereum, predicting it will likely reach this milestone within the next 2-4 months.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.