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Bitcoin, if it drops just $3,000 from current levels, $2 billion worth of Bitcoin long positions in the futures market will be liquidated. Data from CoinGlass indicates that investors are making big bets on the trajectory of Bitcoin’s price. After reaching its all-time high on March 5th, Bitcoin lost $10,000 in value within hours before recovering, creating an intriguing situation on exchanges.
What Are Investors Predicting for Bitcoin?
According to data from TradingView, investors are making large predictions on both sides of the current spot price, which was trading at $67,788 after the Wall Street opening on March 7th. CoinGlass emphasizes how significant the amount at risk is.
For instance, to liquidate $2 billion worth of long Bitcoin positions in the futures market, the price only needs to drop to $64,286. If it falls to $60,000, then $2.33 billion worth of long positions will melt away, a figure higher than the bounce zone of the $10,000 red daily candle.
On the upside, breaking the all-time high of $69,210 will liquidate approximately $1.31 billion worth of Bitcoin short positions, and the liquidation value will reach $1.57 billion at $70,000.
As a reminder of market capability, the BTC/USD pair saw a $1,000 move up and down within minutes after the last Wall Street opening. Popular investor Daan Crypto Trades commented on the matter:
“Now we’re seeing $1,000 candles forming in one minute. Welcome to volatility city.”
Key Statements from Renowned Analysts
Recently, the all-time high region has been a significant psychological barrier for current Bitcoin market participants. Beyond this, some investors have been waiting for years to sell assets bought at previous all-time highs in November 2021, anticipating price discovery.
Analysts’ views on how high the BTC/USD pair can go vary greatly, with calls for six-figure targets mingling with predictions of a near peak. Included in the second group is Michael van de Poppe, founder and CEO of trading firm MNTrading. In a post shared by MNTrading, he stated:
“What’s next? As a scenario, we will go up to $70,000 and grab the liquidity.”
Later, Van de Poppe expressed the idea that there is little room left for the price of Bitcoin to rise before the block subsidy halving event in April. The famous analyst argued that when the correction comes, it could be 30%.
