Record-breaking surge in Bitcoin value, approaching previous all-time high, liquidates $30 million worth of Bitcoin shorts within an hour
Bitcoin's price has been on a rollercoaster ride lately, but it seems to be heading towards new heights. The cryptocurrency is currently trading at $121,700, just 1.03% shy of its previous all-time high (ATH) at $123,091.61, according to CoinMarketCap analytics.
The filling of a CME Gap at the $114,000 - $115,000 price range provided the momentum for this rally. The dip allowed Bitcoin to fill this crucial gap, which is a significant event in the market as it often acts as a catalyst for price increases.
This surge in Bitcoin's price has resulted in the liquidation of $30 million worth of BTC shorts in under 60 minutes, further adding to the upward pressure.
The total market cap of Bitcoin stands at a staggering $2,422,784,735,794.07, reflecting the growing interest in the cryptocurrency. The 24-hour trading volume of Bitcoin is $73,679,144,475.27.
Ethereum, the second-largest cryptocurrency by market cap, has also been making strides. It has reclaimed the $4,300 price range, nearing its previous ATH of $4,800.
The market sentiment for both Bitcoin and Ethereum has been precarious, leading to several large liquidations for both long and short traders. However, the recent price movement has been bullish, with many crypto analysts predicting that Bitcoin will soon set new ATH prices.
Current predictions for Bitcoin's next ATH price targets, following its recent surge and the liquidation of $30 million worth of BTC shorts, generally range between $150,000 and $280,000 by late 2025.
Renowned trader Peter Brandt predicts a Bitcoin peak around $280,000 between September and December 2025, based on historical cycle analysis aligning Bitcoin's halving events and price peaks. Tom Lee from Fundstrat maintains an aggressive target of $200,000 to $250,000 by the end of 2025, citing continued institutional adoption and on-chain bullish signals despite recent corrections.
Citigroup analysts set a base case target of about $135,000 with a bull case approaching $200,000 by year-end 2025, highlighting Bitcoin's integration into traditional financial systems as a driver. Other experts and aggregate forecasts suggest Bitcoin could reach between $150,000 and $200,000 in 2025, with some conservative targets near $80,000-$180,000, but the general consensus is strongly bullish.
The $30 million liquidation of BTC shorts likely adds upward pressure by removing bearish leverage, reinforcing momentum towards these bullish targets, although market volatility may still impact timing and exact price levels.
In summary, consensus from prominent traders and institutional analysts places Bitcoin's next ATH somewhere in the $150,000 to $280,000 range by late 2025, with key resistance and catalysts centered around ongoing halving cycles, institutional adoption, and market dynamics following recent short squeezes.
This surge in Bitcoin's price is part of a broader trend in the crypto market, where both Bitcoin and Ethereum are aiming to reclaim their previous ATH prices. However, the journey to these price levels may be fraught with market volatility, as has been the case with Bitcoin's history.
Technology plays a significant role in the current surge of Bitcoin's price, as traders and analysts rely on a variety of tools and platforms to make informed decisions about investing in cryptocurrencies.
The liquidation of $30 million worth of BTC shorts, facilitated by technology, adds upward pressure and reinforces momentum towards the bullish price targets predicted by analysts.
