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Bitcoin: Is $48,000 the next BTC target?

2min Read

Speculation intensified regarding BTC reaching the $48,000 level, coinciding with a surge in its price.

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  • Speculation around BTC reaching the $48,000 mark grew.
  • As BTC’s price surged, a short squeeze occurred.

Bitcoin’s [BTC] rally may not be slowing down anytime soon according to recent data. There’s many that believe that BTC will reach the  $48,000 mark.

Onwards and upwards

If Bitcoin surpasses 45k, a quick move to 48k is likely due to the limited supply between 45k-47k. About 4% of the supply is around $48k, suggesting potential profit-taking by those who bought at the 2021 Q1 top.

Recently, a whale added 3000 BTC, worth around $132 million, to Binance, generating approximately $23 million in profit.

Over the past year, this whale has executed three BTC trades, consistently buying at price lows and selling at highs, resulting in a total profit of around $61 million with a perfect 100% win rate.

Trader behaviors

BTC Futures data on the Binance Orderbook showed that short positions faced significant liquidations as prices rose and open interest decreased.

This short-squeeze covered several unnoticed sell orders but encountered resistance at larger blocks. Currently, there are notable bids and asks around the current price, with significant levels at $44,500 and $46,100 acting as resistance, and $41,000 serving as a support level.

The liquidation of short positions could create upward pressure on the price as short-sellers cover their positions, contributing to a potential bullish momentum.

However, the resistance at key levels may pose challenges for further price appreciation, as these levels historically attract selling interest.

Read Bitcoin’s [BTC] Price Prediction 2023-24

At press time, BTC was trading at $44,326.57 and its price had grown by 1.93% in the last 24 hours.

The volume at which BTC was trading, however, fell significantly.

Source: Santiment


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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