The cryptocurrency market recently witnessed significant liquidations totaling over $200 million as Bitcoin surpassed the $69,000 mark.
The rise in Bitcoin’s price has led to the liquidation of many short positions, causing notable financial repercussions on several trading platforms.
Bitcoin’s rally and liquidations
O data from Coinglass provide a clearer picture of impactshowing that some 60,388 traders and counting faced losses in excess of $200 million in just 24 hours.
The distribution of these liquidations varied across major exchanges, with OKX traders experiencing the largest losses at $81.19 million, narrowly eclipsing Binance’s $80.40 million in liquidations.
Bybit and Huobi also reported significant numbers of $18.98 million and $17.05 million in liquidations, highlighting the widespread effect of Bitcoin’s unexpected recovery.
Bitcoin’s resurgence above $69,000 was particularly noteworthy given its position below $66,000 early Monday morning. While the exact catalyst for this abrupt rise remains unclear, it puts Bitcoin a few dollars away from reclaiming its previous record high of $73,000.
Analysts and traders are now closely following the Marketplace looking for signs of Bitcoin’s next move, with speculation surrounding the potential for new record highs in the near term.
Looking Ahead: Bitcoin Bullish Outlook
Crypto analyst Cryptoyoddha has provided an optimistic outlook for the future of Bitcoin, suggesting that the cryptocurrency is on the verge of entering a new phase of your cycle that could take him to unprecedented heights.
According to Cryptoyoddha, Bitcoin’s historical accumulation pattern followed by a parabolic rise sets the stage for what he calls “Cycle IV,” a period that could potentially drive Bitcoin’s value to $150,000 or more.
According to the analyst, factors such as increased institutional investment, evolving regulatory clarity and growing public acceptance of digital assets are the main drivers of this optimistic sentiment.
The real pump will start after the halving next month. pic.twitter.com/eV5FWkzkxX
– Yoddha (@CryptoYoddha) March 23, 2024
Meanwhile, Bernstein analysts Gautam Chhugani and Mahika Sapra recently updated their forecast for the year-end Bitcoin price, taking it from $80,000 to $90,000 starting.
This adjustment was driven by notable factors such as robust inflow into Spot Bitcoin ETFs and profits from mining activities, which contributed to a more optimistic outlook on Bitcoin’s valuation.
Furthermore, they stated that Bitcoin is on track to reach $150,000 by mid-2025, attributing this predicted growth to several elements, including the impact of Bitcoin Spot. ETFswhich they hope will generate a significant increase in the price of the cryptocurrency.
Similarly, Standard Chartered revised his forecast for Bitcoin’s year-end value. Going beyond its original estimate of $100,000, the institution now suggests that Bitcoin could rise to $150,000 by the end of the year, citing the catalytic role of Bitcoin ETFs in promoting its positive outlook on the asset’s future performance. .
Featured image from Unsplash, chart from TradingView
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