Bitcoin is approaching a historic milestone, nearing a new all-time high, and it’s on the verge of triggering substantial liquidations. A closer look at the chart reveals that a significant amount of leverage has accumulated globally, with the heaviest concentration of liquidity positioned around $70,000 to $73,000. Over $100 billion in liquidations is at stake, largely from traders who have set their short positions' liquidation levels near this range, expecting a market downturn. However, whales may target this liquidity for their advantage, as these levels can become highly attractive for large market moves.
From a technical perspective, Bitcoin is exhibiting a bullish pennant pattern, reinforced by a potent bullish Elliott Wave setup (combining an impulse wave with a zigzag wave). Wave 3 of this pattern appears to be underway, suggesting a strong potential for a rapid price surge, or "flash pump." Now, the question is whether whales will seize this liquidity for their sell orders or let it ride higher to push the price upward.
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