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Bitcoin (BTC) continues its impressive climb, increasing by more than 6% in the last 24 hours to reach a level of $52,400. With this surge, Bitcoin’s market value surpassed $1 trillion, leaving behind industry giants like Tesla. The rise in the largest cryptocurrency has led to a revival in the crypto market, but also brought about liquidations. Meanwhile, analysts have started issuing peak warnings.
$225 Million Evaporates
The ongoing rise has rekindled optimism among investors, and some market analysts predict a potential 40% increase in Bitcoin’s price by March 2024, reaching an all-time high. Parallel to Bitcoin’s rise, Ethereum (ETH) also made a significant climb, surpassing the $2,800 threshold to reach $2,816, showing a strong increase of 6.89%. This upward momentum spread to the top ten altcoins, which showed increases ranging between 5-10%.
CoinGlass market data indicates that there have been notable liquidations worth $225 million in the crypto market in the last 24 hours. Of this total, $45.15 million corresponds to liquidated long positions, while $180 million corresponds to liquidated short positions. Such liquidations highlight the increased trading activity and price volatility that are common in the crypto market during periods of rising prices.
One of the significant factors behind Bitcoin’s rise is the capital inflow into spot Bitcoin exchange-traded funds (ETFs). In the US, entries into these newly launched investment vehicles exceeded $600 million in a single day, signaling rising institutional interest in Bitcoin as a hedge against inflation and market uncertainty.
Analyst’s Peak Expectation for Bitcoin: $54,000 – $58,000 Range
Crypto analyst Michael van de Poppe recently drew attention to Bitcoin’s remarkable rise, surpassing the $51,000 level and reaching the highest levels in recent years. Expressing his surprise at the market’s strength, Van de Poppe anticipates a potential peak in the range of $54,000 to $58,000 before the upcoming block reward halving.
Despite the celebrations surrounding Bitcoin’s milestone, some analysts are also issuing warnings against excessive enthusiasm. Historical data shows that the euphoric sentiments expressed by investors on social media, especially regarding the likelihood of reaching all-time high levels, sometimes coincide with temporary market peaks. As Bitcoin once again surpasses the $52,000 level, investors need to remain alert for potential market fluctuations amidst the ongoing rise.
