Crypto short sellers are facing massive liquidations as Bitcoin surged beyond $63,000, leading to over $134 million in liquidations in the last 24 hours. Binance, OKX, Bybit, and Huobi were among the exchanges with the highest liquidations, with Binance leading at $52.05 million. Veteran trader Peter Brandt believes that the recent surge confirms that the correction to the $50,000 range was a “bear trap” and predicts that Bitcoin could now head towards $90,000. Pseudonymous analyst Bluntz also sees Bitcoin heading higher after completing a multi-month ABC correction and ending the previous week above $60,000.
Peter Brandt suggests that Bitcoin may be following a Hump…Slump…Bump…Dump…Pump chart construction pattern, with the July 5th attempt at a double top being a bear trap confirmed by the July 13th close. Brandt believes that bears are now trapped, and a close below $56,000 would negate this interpretation. Meanwhile, Bluntz, who practices Elliott Wave theory, indicates that Bitcoin’s recent price action appears to be accumulation. If Bitcoin breaks above $60,000 again, it could signal the start of a new impulse up and potentially lead to further gains in the cryptocurrency’s price.
Bitcoin is currently trading at $63,033, up nearly 5% in the last 24 hours. The cryptocurrency market has been experiencing high volatility, leading to significant liquidations for short sellers. With Bitcoin surpassing the $63,000 mark, there is growing optimism among traders and analysts that the cryptocurrency could continue its upward trend. Both Peter Brandt and Bluntz see potential for Bitcoin to reach higher price levels in the near future, with Brandt suggesting a target of over $90,000.
In addition to the surge in Bitcoin’s price, other cryptocurrencies are also experiencing gains, with the overall market showing signs of recovery. As the crypto market continues to evolve, it is important for traders and investors to stay informed about the latest developments and trends. By following reputable sources and staying up to date with market news, individuals can make more informed decisions when trading or investing in cryptocurrencies.
To stay updated on the latest news and updates in the cryptocurrency market, it is essential to subscribe to email alerts and follow reliable sources on social media platforms such as X, Facebook, and Telegram. By staying connected and informed, individuals can navigate the dynamic world of cryptocurrencies more effectively and capitalize on potential opportunities for profit. With Bitcoin showing signs of strength and potential for further gains, now is an exciting time for traders and investors to closely monitor the market and position themselves strategically for potential growth.
