Crypto short sellers are getting liquidated as Bitcoin (BTC) breaks out past the $70,000 mark once again while altcoins also rally.
According to liquidation data from CoinGlass, the crypto markets have seen more than $187 million in liquidations in the last 24 hours – the majority of which are short sellers.
In the last day, Bitcoin liquidations alone have accounted for $78.24 million.
Bitcoin shot up to as high as $72,631 Monday from its seven-day low of $65,069. BTC is trading for $71,762 at time of writing, up more than 3% in the last 24 hours.
Over the same period, Ethereum (ETH) liquidations reached $40.02 million. The leading smart contract platform by market cap is trading for $3,628 at time of writing, up 7% in the last 24 hours.
As Bitcoin rallies, several crypto analysts are turning bullish on the crypto king and believe the top digital asset by market cap could soon soar past last month’s all-time high of about $73,737.
The analyst pseudonymously known as Rekt Capital believes Bitcoin has now convincingly broken out of the trading range between $69,000 and $65,000.
“The breakout from the weekly range has been confirmed.”
Closely followed crypto analyst Ali Martinez says Bitcoin could soar to $85,000 if it can stay above the key level of $70,800.
“Bitcoin appears to be breaking out! If BTC can hold above $70,800, the next target becomes $85,000!”
Looking at the analyst’s chart, he suggests Bitcoin is heading beyond the $85,000 level after consolidating within a bullish triangle pattern.
Meanwhile, PlanB says his stock-to-flow (S2F) model suggests Bitcoin will be higher than $500,000 in 2025.
“So the next top will not be in this year, 2024, but in next year, 2025. That top – some people talk about $200,000 as the next top. You can see on this chart [below] that that would be very underwhelming.
In fact, from a stock-to-flow perspective, we need a top that’s much higher than the average $500,000. So let’s say $600,000 [or] $700,000 maybe or a $1,000,000… So the top will be higher than $500,000 in 2025.”
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