- Bitcoin bears could get liquidated for $2.3 billion on BTC shorts.
- This event will occur once Bitcoin price passes $120,000.
- The price of BTC is expected to hit much higher ATHs in the months ahead.
The crypto market is expected to experience a steady upward price surge in the coming days ahead. This surge is expected to be led by Bitcoin and Ethereum , with emphasis on Bitcoin, as the pioneer crypto asset continues to hold the $118,000 price target. At the moment, analysts notice that Bitcoin bears could get liquidated for $2.3 billion on BTC shorts if Bitcoin surpasses $120,000.
Bitcoin Bears Could Get Liquidated for $2.3 Billion on Shorts
The price of Bitcoin set its latest ATH 17 days ago at $123,000. Ever since, the price of BTC fell to the $118,000 price range and has mostly been trading around this price region. Twice now, the price of BTC fell below the $118,000 price range. The most recent was earlier today, when the price of BTC fell to the $116,000 price range, only to recover to the $118,000 price region in a short time.
In the previous week, the price of BTC dipped from $119,000 to $115,000, so close to having reclaimed the $120,000 price mark. This dip occurred due to a $107 million liquidation caused by the sell-off of 10,000 BTC by Galaxy Digital. The entity went on to sell off a total of 80,000 Satoshi-era BTC to claim profits. Despite over $105 million of the liquidations coming from long traders, the price of BTC held strong and recovered the $118,000 price region once again.
Presently, analysts are keeping a close watch on Bitcoin shorts instead. It seems the recent price dips, paired with the fact that Bitcoin Dominance took a sharp fall, have led many crypto and Bitcoin (BTC) traders to believe that the price of BTC will turn bearish and has already reached its cycle top price. According to seasoned analysts, this move would be a premature choice which could lead to massive short liquidations.
As we can see from the post above, it highlights that if the price of BTC reclaims the $120,000 price mark, as most seasoned analysts expect, the crypto market will experience around $$2.3 in BTC short liquidations. Responses to the post show that shorters are certain they are early for the dump, but rather it seems they are just early to liquidations. Most analysts believe that BTC is far from the end of its cycle pump.
Bitcoin Prepares to Surpass $120,000 Price Region
Most analysts are certain that the price of BTC will continue to rise for another couple of months, at least before dominance falls and Ethereum and altcoins take over. What’s more, BTC is expected to set higher ATHs before altseason peak phase occurs. These expectations signal that the price of BTC can go on to hit new ATH prices between $130,000 to $144,000, if not higher.
