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Ash Crypto crypto analyst has warned the crypto community that $33.14 billion is at risk if Bitcoin price reaches $72,462. This is related to short position which could be liquidated if the flagship crypto reaches that price target, a development that would be bullish for BTC.
Nearly $33.14 Billion Will Be Lost If Bitcoin Price Hits $72,462
Ash Crypto mentioned a liquidation warning in X’s post, revealing that $33.14 billion worth of shorts will be liquidated if Bitcoin price reached $72,462. This BTC drop is already in danger of being liquidated, considering that the flagship cryptocurrency is quickly approaching the $70,000 price level. This could pave the way for broader and even further increases in liquidation prices.
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Liquidate this Bitcoin shorts could be bullish for the flagship cryptocurrency, leading to a prolonged rally to new highs, especially with the current ATH of $73.00 already in sight after the price reached $72,462. However, there are also scenarios where the Bitcoin price could correct and fall too high a buy position before continuing its upward movement.
For now, Bitcoin price undoubtedly offers a bullish outlook, considering how the flagship crypto has rallied since the start of the week. BTC briefly touched $69,000 on October 18, providing further optimism that the crypto could reach a new ATH in the near future. Standard Chartered recently estimated that it will most likely happen before the November 5 US election.
While this remains to be seen, it is worth mentioning that Bitcoin demand is picking up again, which could trigger a rally towards a new ATH. In particular, the Bitcoin Spot ETF, which drove the move to a new ATH at the beginning of the year, is again actively accumulating. SpotOnChain Data shows that this Bitcoin ETF witnessed net inflows of $2.13 billion this week. Black Rockspecifically, adding $1.14 billion worth of BTC to its holdings.
Bear Analyst Warns Crypto Traders
Analyst Justin Bennettknown for bearish analysis, has warned traders to be careful in trading amid the recent Bitcoin price rally. He stated that things will not get better and remaining cautious during a period like this is the best way to survive. He added that he would not make any bold predictions at this time because the data is conflicting.
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However, he suggested that market players should not get too excited about Bitcoin’s breakout from the seven-month range. This followed his statement that the demonstration was mainly driven by the perpetrators and so on open interest returned to its peak at the end of July.
Crypto analyst CrediBULL Cryptowhich has recently experienced Bitcoin’s decline, also warned that Bitcoin’s price rise is driven by perpetual markets. Recently X postshe noted that open interest has officially surpassed the level before BTC last fell from $70,000 to $49,000.
Featured image created with Dall.E, a chart from Tradingview.com
