Bitcoin (BTC) Price Shoots Past $52,400, $180 Million Shot Positions Liquidated

With Bitcoin's price surpassing $52,400, there is growing speculation about the possibility of reaching new all-time highs next month.
By Bhushan Akolkar
Bitcoin price prediction

Highlights

  • Amid Bitcoin price rally, crypto market registers $180 million in short liquidations.
  • Heavy Bitcoin ETF inflows and halving optimism leads to calls for new all-time highs.
  • Altcoins join the party with 5-10% gains each, in the last 24 hours.

Bitcoin (BTC)  has continued its upward surge, climbing over 6% in the past 24 hours and surpassing the $52,400 mark. This week’s rally in Bitcoin’s price has propelled its market capitalization to over $1 trillion, surpassing that of major players like Tesla.

Bitcoin Price Surges Past $52,000 Mark, Ethereum Tops $2,800

In the latest crypto market rally, Bitcoin (BTC) has surged past the $52,000 threshold, currently quoted at $52,371, marking a significant 5.9% increase within a 24-hour period. some market analysts are already predicting another 40% rally in Bitcoin to hit new all-time highs by March 2024.

Meanwhile, Ethereum (ETH) has also experienced a notable uptick, breaking through $2,800 to reach $2,816, reflecting a 6.89% surge within the same timeframe. Joining Ethereum, the top ten altcoins have also rallied anywhere between 5-10%.

Market data from CoinGlass reveals a substantial liquidation of $225 million across the entire cryptocurrency market within 24 hours. Of this total, $45.15 million corresponds to liquidated long orders, while $180 million corresponds to liquidated short orders. This surge in liquidations underscores the heightened trading activity and volatility within the crypto market during this period of price escalation.

One major factor behind the Bitcoin price rally is the heavy inflows into spot Bitcoin ETFs. The single-day inflows in the newly launched Bitcoin investment vehicles in the US crossed $600 million a day before.

BTC Price Action Going Ahead

In a recent analysis, crypto analyst Michael van de Poppe highlighted Bitcoin’s remarkable surge, breaking through the $51,000 mark to establish a new yearly high. Expressing surprise at the market’s strength, van de Poppe suggested a potential peak in the range of $54,000 to $58,000 before the upcoming halving event.

 

Courtesy: Michael van de Poppe

According to insights from on-chain data provider Santiment, Bitcoin has once again surged past the $52,000 mark, marking a significant milestone not seen since December 3rd, 2021. However, analysts are urging caution as excessive celebrations following such thresholds often precede temporary market peaks.

Courtesy: Santiment

During this bullish cycle, historical data suggests that exuberant sentiments expressed by traders on social media, especially regarding the likelihood of reaching all-time highs, have sometimes coincided with local tops forming shortly after.

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Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
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