Key Points
- Bitcoin’s price surged by 7%, leading to over $85 million in short liquidations.
- Bitcoin’s price could potentially rally to $100,000 or more if it surpasses its all-time high of $74,000.
Bitcoin, along with the broader crypto market, has experienced a strong recovery as the chances of approving the spot Ethereum ETF have increased. The price of Bitcoin surged by 7%, moving up to $72,000, resulting in more than $85 million in short liquidations, according to data from CoinGlass.
Crypto analyst Willy Woo observed that in the past month, bulls have been consistently tackling overhead resistance. He noted that a month’s worth of Bitcoin short position build-up has just been liquidated.
Bitcoin’s Potential Price Rally
If Bitcoin manages to break its all-time high of $74,000, it will enter the price discovery zone, opening the possibility for a further rally to $100,000 and beyond. If the Bitcoin price surpasses its all-time high of $74,300, it could trigger over $1.45 billion in short liquidations.
The recent surge in the Bitcoin price is due to a strong inflow in the US spot Bitcoin ETFs over the last week, according to popular trader Skew. Over the last week, Bitcoin investment products have seen inflows of over $900 million.
This indicates that institutional participation in Bitcoin is back on track after a brief hiatus. If these inflows continue to remain strong, they could potentially propel the Bitcoin price to $100,000 and beyond.
Analyst Predictions
Crypto analyst CryptoCon believes that Bitcoin remains on track to hit a layer 7 price target of $149,000 by the end of this year, according to the Log Regression Curves. A more conservative target of $108,000 is projected by layer 6, which marked the 2013 cycle top.
In addition to Bitcoin, the altcoin market is also on the path to a strong recovery after weeks of consolidation. Crypto analyst Michael van de Poppe has observed that the altcoin market capitalization has completed its correction phase.
Van de Poppe predicts the next step will be achieving an all-time high, projecting a rise of approximately 60-70% from current levels. He particularly highlights Ethereum, predicting it will likely reach this milestone within the next 2-4 months.
