Bitcoin (BTC) has recently captured significant attention by reaching multiple all-time high (ATH) levels following Donald Trump’s victory in the 2024 US presidential elections. Although BTC has experienced a slight downward adjustment in the past 24 hours, a rebound to its previous price level could pose considerable challenges for bearish traders.
Potential Risks for Bitcoin Bears
In a recent analysis by crypto expert Ali Martinez on the social media platform X, a precarious situation for bears is highlighted. If Bitcoin manages to reclaim the $93,000 price level, over $800 million could be at risk of liquidation. BTC’s existing ATH is recorded at $93,477, which underscores the potential volatility in the market.
Current Market Status
As of the latest update, Bitcoin is trading at $89,480, reflecting a 1.9% decrease over the past 24 hours. On the 4-hour chart, a crucial support level for BTC appears to be around $86,000. This level has been tested three times already, and any further drop could push BTC towards its next significant support at $81,600. If Bitcoin fails to maintain its position above this level, a further decline to $79,700 could ensue.
While a drop in Bitcoin’s price could benefit bear traders, reclaiming the $93,000 level would significantly impact them. Such a rise could trigger over $800 million in liquidations, potentially leading bearish traders to reconsider their positions.
Liquidation Overview
According to Coinglass data, contracts worth over $508 million have been liquidated in the last 24 hours, with $355 million in long positions and $153 million in short positions. This highlights the current market volatility and the potential risks for traders.
Future Projections for Bitcoin
Another leading crypto analyst, @CryptoKaleo, supports Martinez’s warning, suggesting that Bitcoin could momentarily dip to $86,000 before starting another upward journey to reach new ATHs, possibly surpassing $100,000. The analyst remarked:
“Just a little dip and a bit more ranging then send to $100K+. Honestly think this is the best-case scenario for alts if we somehow get it. Would look for outperformance while BTC is accumulating around $90K.”
Factors Driving Bitcoin’s Price Surge
Several factors have fueled Bitcoin’s remarkable price action. The cryptocurrency’s halving event earlier this year, the approval of Bitcoin exchange-traded funds (ETFs), and the growing institutional adoption of digital assets have all contributed to the current situation. However, Trump’s 2024 presidential win, perceived as pro-crypto, has acted as a significant catalyst for Bitcoin’s surge. In the 10 days since Trump’s victory on November 5, Bitcoin has risen from approximately $69,000 to a high of $93,000, marking a substantial 30% increase.
Future Growth Predictions
Despite this impressive rally, experts believe that Bitcoin still has room to grow. A recent research report indicates that Bitcoin’s bullish momentum is likely to continue until mid-2025, where it might reach its peak. Furthermore, the relatively low profit-taking observed during this bull run could further propel Bitcoin to unprecedented heights. Nevertheless, bulls should remain cautious of a significant CME gap around the $78,000 level, which could potentially attract a price correction.
Market Overview
At present, the total market capitalization of cryptocurrencies stands at $2.904 trillion, showing a 3.7% decline over the past 24 hours. Bitcoin’s dominance remains robust at 60.97%, highlighting its continued strength and influence in the market.
