$33.14 Billion At Risk If The Bitcoin Price Hits $72,462, Here’s Why
2024年10月20日 - 8:00AM
NEWSBTC
Crypto analyst Ash Crypto has alerted the crypto community that
$33.14 billion is at risk if the Bitcoin price reaches $72,462.
This relates to the short positions that could be liquidated if the
flagship crypto hits that price target, a development that will be
bullish for BTC. 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. Related Reading: XRP Price Prediction:
Analysts Turn Bullish As ‘Something Big Is Coming’, Here’s What The
liquidations of these Bitcoin shorts could be bullish for the
flagship crypto, leading to an extended rally to new highs,
especially with the current ATH of $73,00 being in sight once the
price hits $72,462. However, there is also a scenario where the
Bitcoin price could correct to flush out overleveraged longs before
it continues with its move to the upside. For now, the
Bitcoin price undoubtedly boasts a bullish outlook, considering how
the flagship crypto has rallied since the start of this week. BTC
briefly touched $69,000 on October 18, further providing optimism
that the crypto could reach a new ATH soon enough. Standard
Chartered recently predicted that it will likely happen before the
November 5 US elections. Although that remains to be seen, it
is worth mentioning that Bitcoin’s demand is again on the rise,
which could fuel this rally to a new ATH. Specifically, the Spot
Bitcoin ETFs, which fueled the run to a new ATH earlier in the
year, are again actively accumulating. SpotOnChain data shows that
these Bitcoin ETFs witnessed a net inflow of $2.13 billion this
week. BlackRock, in particular, added $1.14 billion worth of BTC to
its holdings. Bear Analyst Warns Crypto Traders Analyst
Justin Bennett, known for bearish analysis, has warned traders to
be cautious about trading amid this recent Bitcoin price rally. He
stated that things do not add up and that staying cautious during
periods like this is the best way to survive. He added that he
won’t be making any bold predictions at the moment because the data
is conflicting. Related Reading: Expert Calls On Ripple
Community To Collectively Send XRP Price On 1,800x Rally To $1,000
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 analyst
CrediBULL Crypto, who has been a Bitcoin bear lately, also warned
that the Bitcoin price rally is being driven by the perpetuals
market. In a recent X post, he noted that open interest has
officially surpassed the level it was at before the last BTC drop
from $70,000 to $49,000. Featured image created with Dall.E,
chart from Tradingview.com
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