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Kriptoteka > Market > Ethereum > $33.14 Billion at Stake If Bitcoin Reaches $72,462: Here’s Why
Ethereum

$33.14 Billion at Stake If Bitcoin Reaches $72,462: Here’s Why

marcel.mihalic@gmail.com
Last updated: October 19, 2024 11:13 pm
By marcel.mihalic@gmail.com 4 Min Read
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This article is also available in Spanish.

Crypto analyst Ash Crypto has informed the crypto community that $33.14 billion is at stake if the Bitcoin price reaches $72,462. This figure pertains to the short positions that may be liquidated as the leading cryptocurrency approaches that price point, which would be a bullish indicator for BTC.

Nearly $33.14 Billion Could Be Liquidated If Bitcoin Reaches $72,462

Ash Crypto mentioned this liquidation warning in a post on X, stating that $33.14 billion in shorts will be liquidated if the Bitcoin price hits $72,462. These BTC bears are facing liquidation risks, especially as the flagship cryptocurrency approaches the $70,000 mark. This could create a pathway for a longer rally towards that liquidation point and potentially beyond.

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Bitcoin price 1
Source: X

The potential liquidations of these Bitcoin shorts could create a bullish environment for the flagship cryptocurrency, potentially leading to new highs, particularly with the current all-time high of $73,000 being within reach once the price hits $72,462. However, there is also a possibility that the Bitcoin price may correct to eliminate overleveraged longs prior to continuing its upward trajectory.

At this point, the Bitcoin price shows a decidedly bullish trend, particularly given the rapid rise since the beginning of the week. BTC briefly touched $69,000 on October 18, fueling optimism that a new all-time high could be on the horizon. Standard Chartered recently predicted that this could occur before the upcoming US elections on November 5.

While that remains uncertain, it’s significant to note that Bitcoin’s demand is resurging, which might catalyze this rally towards a new all-time high. Spot Bitcoin ETFs, which had previously contributed to a new all-time high earlier this year, are once again actively accumulating. SpotOnChain data indicates that these Bitcoin ETFs recorded a net inflow of $2.13 billion this week, with BlackRock notably adding $1.14 billion worth of BTC to its portfolio.

Bearish Analyst Cautions Crypto Traders

Analyst Justin Bennett has advised traders to proceed with caution amid the recent Bitcoin price surge. He indicated that the situation appears contradictory and that exercising restraint during such times is crucial for survival. He noted that he wouldn’t be making any bold forecasts at this time due to conflicting data.

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Nonetheless, he encouraged market participants not to get overly enthusiastic about Bitcoin’s breakout from its seven-month range. He asserted that the recent rally is primarily driven by perpetual contracts and that open interest has merely returned to its late July peak.

Bitcoin price 2
Source: X

Crypto analyst CrediBULL Crypto, who has recently taken a bearish stance on Bitcoin, warned that the ongoing price rally is driven mainly by the perpetual market. In a recent post on X, he pointed out that open interest has now officially surpassed the level seen before the last Bitcoin decline from $70,000 to $49,000.

Bitcoin price chart from Tradingview.com
BTC price still holding $68,000 support | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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