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In what is anticipated to be a bearish event for Bitcoin, a renowned crypto market analyst recently took to post on X, cautioning against a whopping $62 million liquidation if BTC price rebounds to $66,900. The statement by the analyst Ali Martinez, coming in tandem with the broader crypto market’s waining party, has stirred a whirlpool of speculations among crypto market enthusiasts surrounding Bitcoin’s price trajectory post-halving.
So, here’s a deeper dive into the crypto analyst’s remarks that ignited a buzz across the crypto space today.
<h2 id="span-data-preserver-spaces-true-ali-martinez-says-62-mln-liquidations-from-binance-alone-span">Ali Martinez Says $62 Mln Liquidations From Binance Alone</h2>
Notably, the analyst’s data suggests that the abovementioned liquidation remains poised to hit BTC if the price rebounds to $66.9K. However, this colossal liquidation will happen from Binance alone.&nbsp;
While other exchanges’ liquidations further remain poised to hit BTC, crypto market traders and investors extensively eye the token for a rebound price action. <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> cracked 4.41% in the past 24 hours and is currently trading at $63,850. Nonetheless, weighing in on the turbulent nature of cryptocurrencies, further escorted by post-halving optimism, a price rebound for BTC to $66.9K isn’t out of the question.
Currently, the <a href="https://coingape.com/bitcoin-halving-analyst-unveils-key-phases-potential-btc-price-momentum/" target="_blank" rel="noopener noreferrer nofollow">BTC token</a> appears to be in a re-accumulation phase as it consolidates and is expected to do so for several months post-having. Besides, should BTC rebound to hit $66.9K, the token could witness an extended consolidation before it finally embarks upon a parabolic uptrend.
Meanwhile, on-chain data for the world’s largest cryptocurrency by global market cap further shrouded BTC in a haze of speculations.
Also Read: <a href="https://coingape.com/bitcoin-ordinals-founder-says-antpool-proxies-infested-decentralized-btc-mining/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Ordinals Founder Says Antpool Proxies Infested Decentralized BTC Mining</a>
<h2 id="span-data-preserver-spaces-true-bitcoin-price-slips-what-s-next-span">Bitcoin Price Slips, What’s Next?</h2>
As mentioned above, the BTC token traded at the $63K mark today, with a 1.90% decrease in its open interest, followed by a 43.11% upsurge in derivatives volume. This painted an unclear scenario for the token among crypto market participants, as whale activity surrounding the token further burgeoned over the past few days.
CoinGape Media earlier reported that new whales are accumulating <a href="https://coingape.com/bitcoin-btc-ownership-landscape-sees-major-shift-new-whales-accumulate/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>, with nearly 266,000 tokens shifted to new whale wallets. Additionally, a whale was recorded accumulating 500 BTC, underscoring a heightened sense of confidence in the asset among whales. This, coupled with a potential parabolic uptrend, as mentioned above, paints a bullish landscape for Bitcoin ahead. Nonetheless, an extended consolidation also remains looming, with the abovementioned liquidation further coming into play.
Also Read: <a href="https://coingape.com/trending/dogecoin-price-whats-coming-next-for-dogecoin-price-rally-or-sell-off/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin Price: What’s Coming Next For Dogecoin? Price Rally or Sell-Off</a>
The post <a href="https://coingape.com/bitcoin-price-crypto-analyst-warns-62-mln-liquidations-if-btc-hits-this-level/" rel="noopener noreferrer nofollow">Bitcoin Price: Crypto Analyst Warns $62 Mln Liquidations If BTC Hits This Level</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price: Crypto Analyst Warns $62 Mln Liquidations If BTC Hits This Level

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