Bitcoin (BTC) blows through $70,000 value and continues an upward climb.
Trader notices how Bitcoin (BTC) shorts are liquidated signalling a new ATH.
Analyst explains how the bull run phase is yet to begin and teases major market movements soon.
Bitcoin (BTC) surpasses $70,000 today nearing its previously set ATH of $73,737 set earlier in the pre bull cycle phase. Presently, the price of Bitcoin is at $71,131 and one trader observes that all Bitcoin (BTC) have been liquidated indicating the arrival of the next new all-time high (ATH) for the pioneer crypto asset.
All #Bitcoin shorts are liquidated.A new all-time high is imminent pic.twitter.com/RUI8orDCaG
— Vivek (@Vivek4real_) May 21, 2024
According to this trader, seeing all shorts liquidated is a huge indicator for another ATH for Bitcoin this cycle. Indeed, the excitement is palpable for the crypto market today as the community finally sees a window towards the next ATH to be as clear as day.
Meanwhile, another trader goes on to express how this movement is very bullish as the true golden bull run hasn’t even started yet. He marks how after each Bitcoin Halving event, there is a brief period of accumulation before seeing any high market movements.
#Bitcoin / $BTCThe real bull market hasn't even started yet.After each halving, there's been a brief period of accumulation prior to seeing any major moves higher.This is the golden pocket of opportunity for anyone with conviction to add to their bags prior to insane… pic.twitter.com/okGfLjmxEQ
— K A L E O (@CryptoKaleo) May 20, 2024
This period is usually a golden opportunity for traders to accumulate potential tokens before the incredibly volatile market moves take place. He says that the upside of each major bull run has seen significant attrition from a post halving % growth perspective.
So far, he says each respective ATH move reduced 3.5x from the previous cycle meaning for this cycle the ATH for Bitcoin (BTC) could go up to $150,000 to $200,000. He also says this is not FUD as adding a few trillion to the total market cap is a lot more bullish than adding a couple billion.
Adding on, he says that this type of money movement will see an incredible response from altcoins and dapps as well. In fact, he says mass retail participation is also yet to take place and concludes by saying the crypto bull run phase is just getting warmed up.
Read Also
BTC Shorts and Longs Liquidated Amid CPI Data Release
SEC Chair’s Alleged BTC Shorts Manipulation Ignites Twitter Storm
SBF Liquidates Huge Funds via New Address After Bail
Crypto Resilience Amidst Major Sell-Offs
BTC and ETH Rally: $285 Million Liquidated in 24 Hours
The post All Bitcoin (BTC) Shorts Liquidate Signaling New ATH Potential Before the Official Start of the Cycle Bull Run appeared first on Crypto News Land.
