The price of the leading crypto asset, Bitcoin has retraced back to the upside, after a massive short liquidation across the crypto market.
In a report from the derivative market data provider CoinGlass, Bitcoin witnessed its largest long liquidation event since last year. The statistics showed that over 24 hours, the total liquidations amounted to $1.16 billion, with long position liquidations accounting for $880.35 million and short positions for $278.15 million.
Meanwhile, a top crypto analyst who caught last year’s crypto breakout believes Bitcoin has entered uncharted waters and that big pullbacks are opportunities for long-term holders.
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According to Coin Metrics, Bitcoin was last higher by 7.9% at $67.283.54, while Ethereum soared more than 13% to $3,872.56, its highest level since January 2021.
On Tuesday, Bitcoin reached a new high, its first since November 2021, at $69173. It had been pushing higher for weeks up 55% over the past month and tumbled shortly around the $66k price after notching the new high.
This digital asset has no doubt hit a new milestone of adoption after the US SEC approved the launch of ETFs in the traditional market. This led to a massive inflow of ETFs from investors, which has greatly contributed to the Bitcoin price rally from Late January.
From a swing low of $38555, the BTC price surged to its current trading price of $66298, accounting for 72% growth in six weeks. Currently, the Bitcoin market cap stands at $1.3 Trillion projecting an intraday loss of 1.27%.
The Bitcoin price is expected to ride a pre-halving rally, as it may face near-term resistances at $69000, followed by $72000.
With the 4th BTC halving scheduled for April 2024, investors are anticipating a protracted bull run in the coming months. This might be the biggest rally Bitcoin has seen, and there is room for the token to surge much higher, according to the co-founder of stablecoin Tether, William Quigley.
According to Quigley, he noted that if history is any guide, the token could surged massively by 350% higher from where it stands.
“I’m not predicting this, I’m just saying if you apply historical patterns, it would suggest bitcoin being in excess of $300,000 at the peak of this next bull market,” he said in a CNBC interview.
Also, serial entrepreneur and author of “Rich Dad Poor Dad”, Robert Kiyosaki, has predicted the price of Bitcoin to surge by $300k this year.
He wrote on his X handle,
“BITCOIN on fire. The biggest mistake you can make is to procrastinate. Important to start, even if only for $500. Next stop $300,000 per BC in 2024”.
Although the unpredictable nature of crypto assets makes it difficult to forecast, however, Bitcoin halvings have historically culminated in a bullish surge for the coin.