$16 Billion in Liquidations Indicates Potential Bitcoin Price Recovery
Crypto analyst Kevin Capital analyzed Bitcoin's price movements, highlighting significant liquidation data. Key points include:
- There are $16 billion in potential short liquidations from the current price to $107,000.
- Only $1.5 billion in long liquidations exists from the current price to $77,000.
- This disparity is one of the largest in history, suggesting a possible price recovery.
- Market makers may push prices up to capture liquidity at higher levels.
- Despite a recent drop to $86,000, there are indications that Bitcoin could still reach $100,000.
- Long-term holders accumulated approximately 20,400 BTC during the recent sell-off.
However, analysts Ali Martinez and Titan of Crypto warn that Bitcoin might still drop to the lower $80,000 range. They noted:
- Martinez observed similarities to the 2021 market top, predicting a consolidation phase before a potential decline.
- His analysis suggests a possible drop to $80,850.
- Titan of Crypto indicated that failing to reclaim a trendline could lead BTC to support levels around $81,000.
As of now, Bitcoin is trading at approximately $88,700, reflecting a 3% decrease over the last 24 hours.
