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

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.

Ali Martinez Says $62 Mln Liquidations From Binance Alone

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. 

While other exchanges’ liquidations further remain poised to hit BTC, crypto market traders and investors extensively eye the token for a rebound price action. Bitcoin price 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 BTC token 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: Bitcoin Ordinals Founder Says Antpool Proxies Infested Decentralized BTC Mining

Bitcoin Price Slips, What’s Next?

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 BTC, 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: Dogecoin Price: What’s Coming Next For Dogecoin? Price Rally or Sell-Off

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.