Bitcoin

when

Billion

<p>Bitcoin is going through a big change as more investors decide to hold onto their assets, showing rising trust in its long-term value, even with market ups and downs. Therefore <a href="https://coinpedia.org/news/memecoin-supercycle-could-it-ignite-the-next-crypto-bull-run-as-bitcoin-hits-64k/">Bitcoin’s recent movements</a> have put traders on high alert, as top analyst MartyParty warns of a $10 billion short squeeze that could push the cryptocurrency’s price to new levels.&nbsp;</p>   
<p>This makes for a dramatic showdown - yet again. Is it worth the worry? Let's explore. </p>   
<h2 class="wp-block-heading" id="h-a-short-squeeze-is-coming">A Short Squeeze Is Coming! </h2>   
<p>According to well-known crypto analyst MartyParty, Bitcoin’s current price levels suggest that many leveraged short trades could face liquidation, triggering a buying frenzy.&nbsp;</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/martypartymusic/status/1843122930974126324 
 </div>
</figure>   
<p>As Bitcoin nears $66,200, approximately $10 billion in short positions are at risk. In such scenarios, liquidated short trades automatically convert into spot buys, driving the price upward as shorts are closed out.</p>   
<p>MartyParty explains that if Bitcoin breaks past this level, it could trigger a chain reaction of liquidations, sending the price to $70,300. At that point, another $16 billion in short positions would be at risk. If Bitcoin climbs further, to $72,578, an additional $18 billion in short trades could be liquidated.</p>   
<h2 class="wp-block-heading" id="h-technical-signals-suggest-a-rally">Technical Signals Suggest a Rally</h2>   
<p>Bitcoin is close to forming a "Golden Cross" on its weekly chart, a bullish sign that often predicts price rallies. With Bitcoin <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">currently trading at $62,452</a>, the MACD (a key momentum indicator) is trending upwards. At the same time, selling pressure is easing, suggesting more investors are choosing to hold rather than sell.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/AltcoinDailyio/status/1843373354201559275 
 </div>
</figure>   
<h2 class="wp-block-heading" id="h-traders-remain-optimistic-eyes-on-the-prize">Traders Remain Optimistic - Eyes on the Prize! </h2>   
<p>With steady trading volume and a recent 0.63% price gain, traders are growing more confident that a rally is near. In the past, Bitcoin’s Golden Cross formations in 2020 and mid-2021 led to some of its most significant price surges, including its rise to $70,000. If another Golden Cross forms, it could signal another major price jump.</p>   
<p>Overall, Bitcoin’s current technical indicators and the potential for a large short squeeze have traders on high alert, watching to see if the cryptocurrency can make another big move towards new all-time highs.</p>

Expert Warns of $10 Billion Bitcoin Short Squeeze – Will It Cause a Rally?

Table of Contents

CoinPedia News

Other articles published on Oct 8, 2024

Weekly Article Recap: 9/23-9/27

XRP Bulls Take Charge, Will Price Reach $0.65?

Eralmonum App Review 2024: Scam Or Legit? – User Feedback!

Unleash the MoonBag Revolution: Analysts Predict $MBAG Will Rocket to $1 – Join the Hottest Presa...

Qubetics' Presale Surpasses $1.2 Million in Early Stages Amid Gala's Growth and CratD2C's Promine...

21.co Integrates Chainlink Proof of Reserve for Enhanced Transparency in Wrapped Bitcoin

Join our free newsletter for daily crypto updates!