Mass Liquidations
Bitcoin’s recent surge above $67,000 triggered nearly $300 million in liquidations. Over 86,000 traders faced losses, with Binance alone accounting for $128.7 million. Short positions (bets against the market) were the hardest hit, making up 57.55% of the liquidations.
Bitcoin’s Recovery
Despite a recent dip, Bitcoin has recovered, increasing its value by 6% in the past 24 hours. Its market cap now exceeds $140 billion. Trading volumes have also increased, indicating renewed investor interest.
Analyst’s Outlook
Cryptocurrency analyst Willy Woo predicts a “double pump” cycle for Bitcoin, similar to the pattern seen in 2013. He suggests that Bitcoin could see two significant price surges in the coming years, with the first peak in mid-2024 and a larger one in 2025.
