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Bitcoin Knocking on the ATH Again—After Breaking $121,800, Here’s Where it May Head To!
In a shocking turn of events, the price of Bitcoin (BTC) has surpassed the previously set barrier at $121,800. This monumental achievement is accompanied by an unprecedented surge in trading volume and a record-breaking number of short liquidations. As we dive deeper into these factors, we’ll examine the implications for the future trajectory of this meteoric rise.
Firstly, it’s essential to acknowledge that this latest breakout has been driven largely by the forceful closure of over $200 million in shorts within the past few hours alone. This extraordinary event is nothing short of a market phenomenon, with the price skyrocketing above all liquidation levels. In this context, it becomes increasingly difficult to envision any significant barriers hindering the BTC bull run.
Furthermore, we must consider the astronomical rise in Open Interest (OI). This metric has been on an upward trajectory since the second quarter of 2024 and has recently reached a staggering $84.68 billion. As OI levels continue to soar, it becomes increasingly evident that the vast majority of traders are extremely optimistic about Bitcoin’s future prospects.
In light of these extraordinary circumstances, renowned analyst Ali has stepped forward with his prediction. According to his charts, the price may be headed towards an unprecedented high of $127,000. While this figure represents a potentially monumental milestone, it is crucial to acknowledge that such a surge would necessitate a correction in the near future.
Ultimately, as we continue to witness Bitcoin’s relentless ascent, it becomes increasingly evident that institutions are reaccumulating positions while holding unrealized profits in billions. This development, coupled with the aforementioned short liquidations and OI levels, paints an extremely bullish picture for the future of this asset.
As such, the possibility of reaching $135K or even higher cannot be ruled out entirely.
Source: coinpedia.org
