Bitcoin Enters ‘Thrill’ Phase with Predictions of High Volatility
Crypto analyst Ash Crypto indicates that Bitcoin has entered the ‘thrill’ phase, suggesting high volatility and increased liquidations. He expects Bitcoin's price trend to rise, predicting it could reach $150,000.
What To Expect From Bitcoin In ‘Thrill’ Phase
Ash Crypto noted that during this market cycle phase, traders may become overly enthusiastic, potentially leading to excessive leverage. This environment can result in significant liquidations. Historical trends show that while prices may correct after reaching new highs, the overall trajectory remains upward. Analyst Ali Martinez highlighted that over $800 million could be liquidated if Bitcoin rebounds toward $93,000, a recent ATH of $93,400.
Currently, Bitcoin's price has dropped below $90,000, influenced by higher-than-expected US PPI inflation data, raising concerns about potential interest rate cuts by the Federal Reserve.
More Price Correction In The Short Term?
Ali Martinez suggested that further declines may occur as the daily Relative Strength Index (RSI) indicates overbought conditions. Additionally, profit-taking among investors is evident, with $5.2 billion in BTC profits realized and a sell-side risk ratio at 0.524%. Notably, the Bhutan government recently sold $33 million worth of BTC, following a previous sale of $66 million.
As of now, the Bitcoin price is approximately $87,780, reflecting a decline of over 2% in the last 24 hours, according to CoinMarketCap.
