Bitcoin Flies Past $72,000, Triggering $265,270,000 in Liquidations As Top Traders Declare BTC Bull Market Back

Bitcoin (BTC) has soared past the $72,000 mark, nearing all-time highs once again with over a quarter of a billion dollars in liquidations taking place in the process.

According to crypto exchange data aggregator Coinglass, in the last 24 hours, $265,270,000 worth of positions have been liquidated, the vast majority being short positions on BTC.

Binance has seen the most liquidations, followed by OKX and HTX.

Bitcoin is now about a 1.5% move to all-time highs.

Closely followed trader Dave the Wave tells his 146,000 followers on the social media platform X that Bitcoin’s bull market is likely back in business after price convincingly broke out of an ascending triangle pattern at around $69,000 and continued to print green candles afterward.

“BTC bull market is alive and well… or nah?”

Source: Dave the Wave/X

And pseudonymous trader Bluntz, who earned the “Master Trader” rank on crypto exchange Bybit, is forecasting a move well into the six-figure for Bitcoin.

Using Elliot Wave Theory, which aims to predict price movements in crowd psychology-based “waves” – with the third and fifth being the biggest – Bluntz charts out a potential path to around $120,000 for BTC roughly by March of next year.

“It’s happening”

Source: Bluntz/X

Pseudonymous crypto analyst Rekt Capital tells his 508,000 followers on X that Bitcoin has broken out from a bull flag, a bullish setup that involves an impulse upward, followed by consolidation and another breakout.

“Bitcoin is breaking out from its bull flag already

The only condition for the breakout to be fully confirmed is for price to remain above $69000 for the rest of the week”

Source: Rekt Capital/X

At time of writing, Bitcoin is trading at $72,888, up 111% in the last year.

Generated Image: DALLE3

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