MARKET ENTERS RECOVERY MODE 🚀🚀
📢 Crypto market kicks off week on bullish note, with bitcoin jumping 💸💸💸
Bitcoin price is in recovery mode after jumping by more than 5% in the past 24 hours, a figure that has sparked $209 million liquidations.
📢 Bitcoin Liquidation Data
According to CoinGlass data, the majority of Bitcoin price liquidation was from the short position, around $105 million, while the long position accounted for the rest. In the short term, repurchasing their positions would result in a higher price increase.
Additionally, Coinbase Pro has lost nearly 58,000 BTC over the last 30 days. The Bitcoin drain resulted in a notable rebound in the cryptocurrency’s price recently, as scarcity increased due to the supply shock.
As a result, BTC price hovered around $67,000, having recovered from a low of $60,000.
📢 25 Days to go for Bitcoin Halving
Furthermore, the Bitcoin halving event anticipated to take place in April is also expected to impact Bitcoin’s price. These events, which slow down the production of new Bitcoin units historically result in supply shortages and subsequent price increases.
Many analysts think that the halving will make Bitcoin scarce, which will lead to a long-term price increase and a positive outlook for investors.
In light of the rebound expectations, experts like Robert Kiyosaki has a Bitcoin price projection of $300,000 by the end of 2024.
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