Bitcoin Surges to 26-Month High, Triggering Massive Liquidations
Bitcoin’s big start to the week is triggering a massive amount of liquidations across the crypto markets. At time of writing, Bitcoin is trading at $53,584 while Ethereum changes hands for $3,152, prices not seen since November of 2021.
Massive Liquidations Rock Traders
$182.33 million in liquidations have rocked traders on Binance, Bybit, OKX, Huobi and others, the vast majority of which have come from those trying to short BTC in recent hours.
Analysts Speculate on Next Major Resistance Levels
As the price of BTC breaks through the wall of shorts, analysts are speculating on what the next major levels of resistance are. Glassnode founders Jan Happel and Yann Allemann believe that BTC is gearing up to break out of its multi-week range with an initial target of $57,000 before reaching all-time highs.
- BTC seems to finally break out from the range it has been in since Feb. 15.
- Momentum is moving up strongly. All sails are set.
- Next level is 57-58 – before ATH.
All-Time Highs May Come Sooner Than Expected
Pseudonymous analyst Altcoin Sherpa suggests that BTC has cleanly broken out of a range between $50,600 and $52,300. This indicates that all-time highs may come sooner than most people expect.
No Significant Correction Expected for Bitcoin
Venture capitalist Dan Tapiero does not anticipate a significant correction for Bitcoin. He believes that BTC likely will never go into the $20,000s ever again. According to Tapiero, we are still in the early stages of this bull market.
- If you’re saying do I think we’re going to go back down to the $20,000, $18,000 lows in Bitcoin, I don’t see it at all.
- We’re in the second inning of this bull market.
- The bullish consensus at 75%-80% – I mean that’s an issue but maybe [it] just means you have a short-term correction.
- We’re just getting started here.
Hot Take: Bitcoin Continues to Surge
Bitcoin’s surge to a 26-month high has resulted in significant liquidations across the crypto markets. Traders on various platforms have been affected, particularly those who were shorting BTC. As the price of BTC surpasses resistance levels, analysts are optimistic about its potential to reach all-time highs. With Bitcoin breaking out of its range and showing strong momentum, there is anticipation for further price increases. Despite concerns about a possible correction, experts believe that Bitcoin’s current bull market is still in its early stages and expect further growth.
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