This article is also available in Spanish.
Crypto Analyst Ash Crypto has alerted the crypto community that $33.14 billion is at risk if the Bitcoin price reaches $72,462. This concerns the short positions which could be liquidated if the flagship crypto hits this price target, a development that would be bullish for BTC.
Nearly $33.14 Billion Will Be Wiped If Bitcoin Price Hits $72,462
Ash Crypto mentioned the liquidation alert in an article X, revealing that $33.14 billion in shorts would be liquidated if the Bitcoin price hits $72,462. These BTC bears are already at risk of liquidation, given that the flagship crypto is rapidly approaching the $70,000 price level. This could set the stage for an extended rally up to this liquidation price and even beyond.
Related reading
The liquidations of the latter 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 in sight once the price hits $72.462. However, there is also a scenario in which Bitcoin price could correct to flush out overleveraged long positions before continuing its upward movement.
For now, Bitcoin price undoubtedly presents a bullish outlook, given the flagship crypto’s rise since the start of this week. BTC briefly touched $69,000 on October 18, providing even more optimism that the crypto could reach a new ATH soon enough. Standard Chartered recently predicted that this will likely happen before the US elections on November 5.
While this remains to be seen, it is worth mentioning that Bitcoin demand is on the rise again, which could fuel this rally to a new ATH. Specifically, Spot Bitcoin ETFs, which fueled the run to a new ATH earlier in the year, are actively accumulating again. SpotOnChain data shows that these Bitcoin ETFs saw a net inflow of $2.13 billion this week. black rockin particular, added $1.14 billion worth of BTC to its holdings.
Bear Analyst Warns Crypto Traders
Analyst Justin Bennettknown for his bearish analyses, has warned traders to be careful in their trades amid the recent rise in Bitcoin prices. He said things don’t add up and staying cautious during times like this is the best way to survive. He added that he would not make bold predictions at this time because the data is conflicting.
Related reading
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 rally was primarily motivated by criminals and that open interest is back to its late July peak.
Crypto Analyst CrediBULL Cryptowho has been a Bitcoin bear of late, also warned that Bitcoin’s price rise was driven by the perpetual market. In a recent Messagehe noted that open interest has officially surpassed the level it was at before BTC’s latest drop from $70,000 to $49,000.
Featured image created with Dall.E, chart from Tradingview.com
