Positive sentiment increase in the cryptocurrency market and leading cryptocurrencies Bitcoin The race to new all-time highs has accelerated, with Ethereum (BTC) and Ethereum (ETH) posting solid gains over the past 24 hours.
Bitcoin rose above the $70,000 threshold for the first time in more than a month, adding 6.06% to its value the previous day. Experts believe that traders who bet against Bitcoin were forced to buy back their positions due to the closing of short positions, pushing the price even higher and approaching an all-time high for the leading crypto asset.
Over the last 24 hours, a sudden decrease in the number of short BTC positions has been noted. This number dropped from 291 BTC to just 165; That is, with Bitcoin’s rapid price increase, almost half of the short positions were liquidated, leading to a series of buy orders from traders rushing to cover their short positions.
Willy Woo Considers This Brief Jam as a Record
According to a May 21 post by cryptocurrency expert Willy Woo on
If the thesis holds, the current price gap of just 2.92% will be easily overcome and a new all-time high above $73,079 on March 14 will become a reality.
Patterns Similar to Previous Bull Runs
Zooming in on price charts can often offer an additional layer of insight for traders, and that’s exactly what professionals do when trying to predict potential future moves.
This price pattern is very similar to the 2017 bull run, when the price of BTC increased by over 800%, from $2,100 to almost $20,000 in six months – this increase occurred from May to December.
Now, crypto trading analyst Jelle thinks history is repeating itself once again, as the patterns appear strikingly similar, according to a May 21 post.
If gains are similar, the current bull run could push the Bitcoin price well above $100,000, and the gain potential could be even higher as the price enters uncharted territory.
