Bitcoin

April

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-price-surge-analyzing-market-dynamics-and-predictions/" data-wpel-link="internal">Bitcoin’s Price Surge: Analyzing Market Dynamics and Predictions</a> 
According to one analyst, as <a href="https://coin-turk.com/yanilmayan-analistten-bitcoin-yorumu-radarindaki-uc-altcoini-paylasti" data-wpel-link="internal">Bitcoin</a> approaches the $70,000 price limit, short sellers are feeling the pressure due to decreasing downtrends and faster moving uptrends, leading to speculation that this could potentially push <a href="https://en.coin-turk.com/a-potential-huge-rally-in-bitcoin/" data-wpel-link="internal">Bitcoin</a>‘s price to $80,000. What can we expect for Bitcoin in the coming period? Let’s examine together. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
The source The Kobeissi Letter explained in a March 26th post that this development is a significant sign that short positions are being squeezed as we reach all-time highs. The Kobeissi Letter stated that the main factor of the Bitcoin short position squeeze is the record margin between institutional long positions and hedge fund short positions. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-333781 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/kobeissi-.webp" alt="" width="1120" height="590"> 
According to CoinMarketCap data, Bitcoin reached its lowest point on March 20th at $61,224, while on March 26th, it peaked at $71,511, representing only an 8.7% gap. At the time of writing, Bitcoin was trading at $70,236. CoinGlass data indicates that if it reaches $71,000, $156.18 million worth of short positions will be liquidated. If it rises to $75,000, then $3.85 billion worth of short positions will be liquidated. 
Pav Hundal, the lead analyst at cryptocurrency exchange Swyftx, mentioned that at this point, Bitcoin could reach its all-time high. Currently, Bitcoin’s all-time high is $73,737. Hundal stated the following: 
<blockquote> 
 “The potential for a violent price movement is currently off the charts. If we see a short squeeze, Bitcoin could vertically shoot up to $80,000 and from there, you seriously start to consider the $100,000 mark at some point this year.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-333780 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-5.webp" alt="" width="1613" height="954"> 
<h2 class="p1" style="text-align: justify" id="prominent-figures-weigh-in-on-bitcoin">Prominent Figures Weigh in on Bitcoin</h2> 
Swan Bitcoin CEO Cory Klippsten, in his statement on the matter, said that although he enjoys watching the ongoing tug-of-war between long and short positions, eventually one group will break: 
<blockquote> 
 “At some point, someone has to break, they keep piling more capital behind their views to test and defend it. It’s a fascinating situation; we guide all our customers not to think about the next 5-10 years. Yet, I am a willing and eager speculator.” 
</blockquote> 
Hundal suggested that asset managers might be protecting their positions with both long and short positions and added: 
“This is not a classic bulls versus bears fight. Asset managers are sitting on record data regarding long-term investment in Bitcoin.” 
Hundal claimed that asset managers are taking both positions to reduce downside risk: 
<blockquote> 
 “Probably the same investors are closing their positions by taking off their shorts. It’s a game of risk. Institutional investors will be happy to pay a premium to protect their downside risks,” he said. 
</blockquote> 
Klippsten suggested that the increased trading activity in Bitcoin could be due to the anticipation of the Bitcoin halving event scheduled for April 21st: 
<blockquote> 
 “Bitcoin’s halving event is historically marked by speculative trade transactions, where investors buy the rumor and sell the news.” 
</blockquote> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-price-surge-analyzing-market-dynamics-and-predictions/" data-wpel-link="internal">Bitcoin’s Price Surge: Analyzing Market Dynamics and Predictions</a></h5>

Bitcoin’s Price Surge: Analyzing Market Dynamics and Predictions

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