Ash Crypto Crypto Analyst warned the crypto community that $33.14 billion is at risk if Bitcoin’s price reaches $72,462. This concerns the short positions which could be liquidated if the leading crypto reaches this price target, a development that will be bullish for BTC.
Nearly $33.14 billion will be wiped out if Bitcoin price reaches $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 at risk of being liquidated considering the top cryptocurrency is quickly approaching the $70,000 price level. This could pave the way for a prolonged rally to this settlement price and beyond.
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The settlements of these Bitcoin short sales could be bullish for the leading cryptocurrency, leading to a prolonged rally to new highs, especially with the current ATH of $73.00 in sight once the price hits $72,462. However, there is also a scenario where the price of Bitcoin can correct and eliminate. overleveraged long positions before continuing with its upward movement.
For now, the price of Bitcoin undoubtedly presents an optimistic outlook considering how the leading cryptocurrency has recovered since the beginning of this week. BTC briefly reached $69,000 on Oct. 18, providing even more optimism that the crypto could reach a new ATH soon. Standard Chartered recently predicted that this will likely happen before the November 5 US elections.
While this remains to be seen, it is worth mentioning that demand for Bitcoin is once again on the rise, which could fuel this rally to a new ATH. Specifically, Spot Bitcoin ETFs, which fueled the run to a new ATH at the beginning of the year, are again actively accumulating. SpotOnChain Data shows that these Bitcoin ETFs witnessed a net inflow of $2.13 billion this week. Black Rockin particular, it added $1.14 billion worth of BTC to its holdings.
Bear Analyst Warns Crypto Traders
Analyst Justin Bennettknown for his bearish analysis, has warned traders to be cautious when trading amid the recent rally in Bitcoin prices. He stated that things don’t add up and that staying cautious in times like this is the best way to survive. He added that he will not make bold predictions at this time because the data is conflicting.
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However, he suggested that market participants should not be excited about Bitcoin breaking out of the seven-month range. This followed his statement that the demonstration was mainly motivated by criminals and that open contracts it is back to its late July peak.
CrediBULL Crypto Crypto Analystwho has been a Bitcoin bear lately, also warned that the rise in Bitcoin prices is being driven by the perpetual market. In a recent X posthe noted that open interest has officially surpassed the level they were at before BTC’s latest drop from $70,000 to $49,000.
Featured image created with Dall.E, chart from Tradingview.com