"Hopefully the price of BTC is eager to rise again, not suddenly fall down."
After hovering below the $42,000 level, the mother of all cryptocurrencies Bitcoin (BTC) finally managed to open the trading week slightly higher as the price rebounded to break through $43,000.
Through observation, there was $103.5 million in token-tracked futures liquidations in the past 12 hours, of which $95 million were long or higher price bets while $33 million in liquidated BTC positions and $29 million long BTC positions.
According to Lucy Hu, Hong Kong-based Metalpha Senior Analyst said the broader market continued to hold up relatively well despite the recent Ledger hack plus interest rate cuts.
He added that the massive Ledger hack has raised some sentiments in the DeFi space and raised important questions about wallet security, but the increase in BTC Ordinals has fueled enthusiasm for miners of the digital asset.
Therefore, he expects that there will be long-term growth momentum for BTC following the final forecast for the year 2024 until 2025 remains optimistic.
In a recent final report, Woo Network sees BTC targeting $75,000 in early 2024 while Bitwise also has similar expectations predicting the price will trade above $80,000.
In addition to expecting Coinbase's revenue to double by beating Wall Street's expectations by at least 10 times, Bitwise also said the spot BTC ETF that may soon be approved could push the rest of the crypto market to be bullish.
As of this writing, BTC price has surged by 5.29% to $43,281 in the last 24 hours with a market cap of $847 billion and a 4.11% increase over the last week.
