Bitcoin (BTC) has surged beyond $72,000, approaching its all-time highs, with over $265 million in liquidations occurring along the way, primarily affecting BTC short positions, according to Coinglass, a crypto exchange data aggregator. Binance led in liquidations, followed by OKX and HTX.
Bitcoin now requires only a 1.5% increase to reach its all-time high. Trader Dave the Wave, with a following of 146,000 on X, signals that the bull market is likely back as Bitcoin broke out of an ascending triangle around $69,000 and continued climbing.
Another trader, Bluntz, known as a “Master Trader” on Bybit, predicts Bitcoin could reach six figures, potentially around $120,000 by March, using the Elliot Wave Theory that analyses price movements through psychological “waves.”
Additionally, analyst Rekt Capital, with 508,000 followers on X, points out that Bitcoin has broken out of a bull flag, a pattern involving a rally, pause, and further breakout. He notes that for the breakout to be fully confirmed, Bitcoin needs to stay above $69,000 for the week.
Currently, Bitcoin trades at $72,888, marking a 111% increase over the past year.
