FOMC

Bitcoin

As the Bitcoin price continues its upward trajectory, anticipation builds within the crypto community. Notably, with key <a href="https://coingape.com/crypto-market-cpi-ppi-data-focus-fed-rate-cut-concerns-loom/" target="_blank" rel="noopener">U.S. inflation data</a> and FOMC minutes on the horizon, market sentiment seems to have remained positive to start the week. 
However, amid the optimism, a prominent analyst cautioned against potential volatility, particularly if Bitcoin approaches the $71,000 threshold. 
<h2 id="analyst-warns-massive-liquidation">Analyst Warns Massive Liquidation</h2> 
The regaining momentum in the Bitcoin price has fuelled the market today, with experts anticipating an increasing risk-bet appetite of the investors. However, despite the rally, the recent warning from a popular crypto market analyst has weighed on the sentiment. 
In other words, despite the recent uptick in the <a href="https://coingape.com/bitcoin-btc-price-stabilizes-before-march-cpi-data-and-fomc-meet/" target="_blank" rel="noopener">Bitcoin</a> price, warnings loom over the potential for significant liquidation if BTC surpasses $71,000. Notably, prominent crypto market analyst Ali Martinez highlighted the risk, stating that approximately $72 million in liquidation could occur at this price point. This cautionary note underscores the fragility of the market and the need for investors to tread carefully as Bitcoin approaches critical levels. 
In a recent X post, Ali Martinez stated: 
<blockquote>
 “A lot of sellers in this recent downswing. Now, nearly $72 million will be liquidated if Bitcoin rebounds to $70,875!”
</blockquote> 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GKmmWKNXMAEQ3St?format=jpg&amp;name=large" alt="BTC Liquidation" width="753" height="1149">
 <figcaption class="wp-caption-text">
 Source: Ali Martinez, X
 </figcaption>
</figure> 
Meanwhile, this warning serves as a reminder of the potential consequences of rapid price movements in the crypto market, urging traders to remain vigilant. 
However, despite this warning, Ali Martinez, in another X post, set $85,000 as the next target for the Bitcoin price. In his post, he said that if Bitcoin can “hold above” $70,800, the next target for the flagship crypto will be $85K. This bullish forecast, despite the warning, has fuelled market sentiment. 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="" src="https://pbs.twimg.com/media/GKoO8DWXgAM2HFb?format=jpg&amp;name=large" alt="Bitcoin Analysis" width="752" height="311">
 <figcaption class="wp-caption-text">
 Source: Ali Martinez, X
 </figcaption>
</figure> 
Also Read: <a href="https://coingape.com/hong-kong-hashkey-exchange-challenges-coinbase-with-bermuda-license/" target="_blank" rel="noopener">Hong Kong’s HashKey Exchange Challenges Coinbase With Bermuda License</a> 
<h2 id="bullish-forecast-for-bitcoin-price">Bullish Forecast For Bitcoin Price</h2> 
Despite the warning from Ali Martinez, another market expert has maintained a bullish outlook for Bitcoin price potential. Captain Faibik, a prominent figure in the crypto space, has predicted a new all-time high for Bitcoin. 
Meanwhile, pointing to a bullish pennant formation on the daily timeframe chart, Faibik suggests that overcoming the $70,000 resistance level could propel Bitcoin to unprecedented heights. Notably, this optimistic perspective offers a counterbalance to the cautionary tone expressed by Martinez, reflecting the diverse range of opinions within the crypto community. 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GKnau-TWYAATEGV?format=jpg&amp;name=4096x4096" alt="Bitcoin price analysis" width="751" height="359">
 <figcaption class="wp-caption-text">
 Source: Captain Faibik, X
 </figcaption>
</figure> 
However, as investors navigate these contrasting perspectives, careful consideration of market dynamics and risk management strategies is essential to navigate the ever-evolving crypto landscape. Notably, the Bitcoin price traded at $69,743.67, up 0.64% over the last 24 hours, while its trading volume rose 3.55% to $20.87 billion. 
<figure id="attachment_190239" aria-describedby="caption-attachment-190239" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-190239" src="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Price-Chart-8-04-24.png" alt="Bitcoin Price" width="753" height="519" srcset="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Price-Chart-8-04-24.png 982w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Price-Chart-8-04-24-300x207.png 300w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Price-Chart-8-04-24-768x529.png 768w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-Price-Chart-8-04-24-150x103.png 150w" sizes="(max-width: 753px) 100vw, 753px">
 <figcaption id="caption-attachment-190239" class="wp-caption-text">
 Bitcoin Price
 </figcaption>
</figure> 
Over the last seven days, the BTC price traded near the flatline, while noting a monthly gain of around 4%. Notably, over the last 24 hours, the Bitcoin price has touched a high of $69,809.49 and a low of $68,920.41. 
Also Read: <a href="https://coingape.com/xrp-price-slips-whale-offloads-25-mln-coins-what-next/" target="_blank" rel="noopener">XRP Price Slips As Whale Offloads 25 Mln Coins, What’s Next?</a> 
The post <a href="https://coingape.com/bitcoin-price-top-analyst-warns-massive-liquidation-btc-hits-71k/">Bitcoin Price: Top Analyst Predicts BTC Rally To $85K Despite Liquidation Warning</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Price: Top Analyst Predicts BTC Rally To $85K Despite Liquidation Warning

Table of Contents

Coingape News Media

Alte articole publicate pe 8 apr. 2024

Attorney Bill Morgan Sheds Light on XRP’s Current Legal Standing

Need The Next Mooner? NUGX Presale Is Huge Underpriced While AVAX And BCH Investors Buy In

Coinbase Predicts Bitcoin Halving Event Challenges Amid Legal Victory and Market Slowdown

Solana memecoins outperform SOL as SLOTH ICO raises $10m

Bitcoin (BTC) Breakout Continues as Analyst Sees $85,000 on Horizon

DeeStream: The Must Have Crypto Gem for TRON & Bitcoin Investors Among 17,800 Users, 20X Gains Fo...

Join our free newsletter for daily crypto updates!