Bitcoin’s price has been on a rollercoaster throughout the past couple of days, resulting in hundreds of millions of liquidations across the board.
Traders and analysts are now speculating on what’s next, with Willy Woo giving some insights on BTC’s short-term price targets.This uptick in volatility caused a lot of liquidations in the futures market. Their number reached $360 million for the past 24 hours, with the overwhelming majority of them being long positions – as expected.
Willy Woo, a well-known proponent and crypto veteran, provided an analysis of what happened and what the next steps for BTC should be.that the main initial target for wiping off leverage was $62.5K, but then speculators kept adding to new long positions, “just adding more fuel for more liquidations in a cascading long squeeze.”Superimposed on this liquidaiton squeeze, we have a post halving miners capitulation.
Woo predicted that short-term technical factors point to a reversal and that seems to be what happened – the BTC price went back up to about $61K.However, the analyst warned that “BTC is not out of the woods.” According to him, it’s important to monitor how much of the speculation got cleared out of the system.Best AI Crypto Coins in 2024: Top 9 Projects to WatchOne Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
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