Cryptocurrency analyst Ash Crypto has warned the crypto community that $33.14 billion is at risk if Bitcoin price hits $72,462. This refers to short positions that could be liquidated if the leading cryptocurrency hits that price target, a development that would benefit BTC.

Nearly $33.14 Billion Will Be Wiped Out If Bitcoin Price Hits $72,462

Ash Crypto mentioned the liquidation warning in the X post, revealing that $33.14 billion worth of shorts would be liquidated if the Bitcoin price reached $72,462. These BTC short sellers were at risk of being liquidated, given that the leading cryptocurrency was rapidly approaching the $70,000 price point. This could pave the way for an extended rally to this liquidation price and even beyond.

The liquidation of these Bitcoin short positions could be bullish for the leading cryptocurrency, leading to an extended rally to new highs, especially with the current ATH of $73,000 in sight as the price hits $72,462. However, there is also a scenario where Bitcoin price could correct to clear out the excessively leveraged buy positions before continuing its rally.

Bitcoin price is definitely bullish right now, given how the leading cryptocurrency has been rallying since the start of this week. BTC briefly touched $69,000 on October 18, further fueling optimism that the cryptocurrency could soon hit a new ATH. Standard Chartered recently predicted that this could happen before the November 5 US election.

While it remains to be seen, it is worth noting that demand for Bitcoin is picking up again, which could fuel this rally to new ATHs. Specifically, Bitcoin Spot ETFs, which fueled the rally to new ATHs earlier this year, are now accumulating again. SpotOnChain data shows that these Bitcoin ETFs saw a net inflow of $2.13 billion this week. BlackRock alone added $1.14 billion worth of BTC to its holdings.

Bear Analyst Warns Crypto Traders

Analyst Justin Bennett, known for his bearish analysis, has warned traders to be cautious when trading during the recent Bitcoin rally. He stated that everything does not add up and that staying cautious during times like these is the best way to survive. He added that he would not make any bold predictions at this time as the data is conflicting.

However, he said market participants should not get excited about Bitcoin's breakout from its seven-month range. This comes after he said the rally was largely driven by perps and that open interest had returned to its late-July peak.

Crypto analyst CrediBULL Crypto, who has been a Bitcoin bear lately, also warned that the Bitcoin bull run is being fueled by the futures market. In a recent post on X, he noted that open interest has officially surpassed the level before BTC dropped from $70,000 to $49,000.

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