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Crypto analyst Ash Crypto has warned the crypto community that $33.14 billion is at risk if the price of Bitcoin reaches $72,462. This is related to short positions which could be eliminated if the crypto-flagship reaches that price target, a development that will be bullish for BTC.
About $33.14 billion will be wiped out if the Bitcoin price reaches $72,462
Ash Crypto has spoken about a post closure warning on the X post, revealing that $33.14 billion worth of shorts will be liquidated if Bitcoin price reaches $72,462. These BTC bears are already at risk of elimination, considering that the top crypto is fast approaching the $70,000 price level. This could pave the way for an extended rally to this closing price and beyond.
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The elimination of this Bitcoin shorts it could be bullish for the crypto-flagship, leading to an extended rally to the upside, especially since the current ATH of 73,00 is visible if the price reaches $72,462. However, there is also a situation where the value of Bitcoin can adjust to come out extreme length before it continues its upward journey.
At the moment, the price of Bitcoin undoubtedly has a bullish outlook, considering how the flagship crypto has grown since the beginning of this week. BTC briefly touched $69,000 on October 18, again giving hope that the crypto could reach a new ATH soon. Standard Chartered predicted recently that it will happen before the November 5 US election.
While that remains to be seen, it should be noted that demand for Bitcoin is increasing again, which could propel the rally to a new ATH. In particular, Spot Bitcoin ETFs, which fueled the run to new ATH earlier in the year, are also rallying. SpotOnChain data shows that these Bitcoin ETFs saw a total inflow of $2.13 billion this week. BlackRockin particular, it added $1.14 billion worth of BTC to its holdings.
Bear Analyst Warns Crypto Traders
Commentator Justin Bennettknown for bearish analysis, warned traders to be careful about trading during this recent Bitcoin price rally. He said that things do not add up and that staying alert in times like this is the best way to live. He added that he cannot make bold predictions at this time because the information is conflicting.
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However, he suggested that market participants should not be excited about Bitcoin’s exit from the seven-month range. This follows his statement that the meeting was run by a perp and that open interest returned at the end of July.
Crypto Analyst CrediBULL Cryptowho has been a Bitcoin bear recently, also warned that the Bitcoin price rally is driven by the perpetuals market. The latest X postnoted that open interest has officially surpassed the level it was at before BTC’s last drop from $70,000 to $49,000.
The featured image was created with Dall.E, a chart from Tradingview.com
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