Renowned crypto analyst Ali Martinez has issued a warning regarding potential liquidations amounting to $33 million on derivative exchanges if Bitcoin‘s BTC/USD price reaches $70,190.
What Happened: Martinez, a popular figure in the field of technical and on-chain crypto analysis, shared this alert via X, formerly known as Twitter. He pointed out that these potential liquidations would be set off if Bitcoin’s price ascended to the specified target.
He said, “Around $33 million will be liquidated across derivative exchanges if #Bitcoin jumps to $70,190!”
Price Action: At the time of writing this article, Bitcoin is trading at $69,336.8, reflecting a 0.45% increase over the past 24 hours, according to the data from Benzinga Pro.
The market also indicates notable liquidation figures across various timeframes. According to the data from Coinglass, in the past hour, long positions worth $646.56 thousand and short positions worth $90.23 thousand were liquidated. Over four hours, long positions totaling $1.57 million and short positions totaling $732.28 thousand faced liquidation. Additionally, within the last 24 hours, long positions worth $10.57 million and short positions worth $21.44 million were liquidated.
See Also: Crypto Lending 101: Making The Most Of Your Idle Digital Assets
Why It Matters: This warning from Ali comes as Bitcoin is trading just shy of the $70,000 mark. Ali had previously outlined key support and resistance levels for the leading cryptocurrency.
Several industry experts have predicted a bullish future for Bitcoin. Notably, Anthony Scaramucci, founder of SkyBridge Capital, foresaw a promising trajectory for Bitcoin last week, attributing potential growth to rising demand and a shrinking supply.
Similarly, crypto analyst Lark Davis forecasted a prosperous 2024 for Bitcoin last week, citing two significant events as potential catalysts for an upswing.
As the cryptocurrency market rebounds, AI and Big Data cryptocurrencies are experiencing a significant surge, as reported by market intelligence platform, Santiment, last week. This trend could potentially influence Bitcoin’s performance in the market.
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