Bitcoin Price: Crypto Analyst Warns $62 Mln Liquidations If BTC Hits This Level

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A well-known cryptocurrency market analyst, Ali Martinez, warned on platform X that if Bitcoin‘s price rises to $66,900, there could be a significant $62 million sell-off. This warning adds to the growing concerns among crypto market observers about Bitcoin’s future direction following the halving event.

Let’s explore in more detail the cryptocurrency expert’s comments that generated excitement throughout the crypto community today.

Ali Martinez Says $62 Mln Liquidations From Binance Alone

Significantly, the data from the analyst indicates that Bitcoin’s mentioned liquidation is ready to impact the price if it reaches $66.9K again. Important to note, this substantial liquidation is expected to originate solely from Binance.

The price of Bitcoin dropped 4.41% in the last 24 hours, currently sitting at $63,850. Despite this setback, many crypto traders and investors are looking forward to Bitcoin bouncing back due to market instability and optimism following the halving event. A potential rebound price for Bitcoin up to $66,900 is still a possibility.

At present, Bitcoin (BTC) seems to be going through a period of collecting more coins again after a price rise. This phase may last for several months. If Bitcoin reaches $66.9K once more, there could be an extended period of consolidation before it eventually starts its parabolic upward trend.

At the same time, Bitcoin, the most valuable cryptocurrency based on global market size, was enveloped in a cloud of conjecture as evidenced by its on-chain data.

Bitcoin Price Slips, What’s Next?

Abovementioned, the Bitcoin token reached $63K in value today. At the same time, open interest decreased by 1.90%. In contrast, derivatives trading volume experienced a significant increase of 43.11%. This situation left crypto market participants unsure about the token’s direction as whale transactions around it escalated over the recent period.

Previously, CoinGape Media announced that approximately 266,000 Bitcoins have been transferred to new large investor wallets (referred to as “whales”). Furthermore, one whale acquired 500 Bitcoins, suggesting a growing optimism towards the asset among these major investors. Concurrently, there’s a possibility of a parabolic rise in Bitcoin’s price, creating a bullish outlook. However, it’s essential to keep in mind that a prolonged period of consolidation could still occur, with the mentioned liquidation potentially influencing the situation.

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2024-04-25 12:45