Cryptocurrency market analyst Ali Martinez believes that the rise in Bitcoin prices gives crypto traders optimism, and warned of the likelihood of mass liquidations when the $71,000 mark is reached.
Ali Martinez urged crypto traders to remain vigilant and be prepared for the possible liquidation of positions due to the rapid rise in the value of the flagship cryptocurrency. Martinez believes that Bitcoin exceeding the market value of $71,000 could become a trigger for the start of massive sales of the asset by speculative BTC holders.
Now the first cryptocurrency by capitalization is trading in the range of $69,500-$70,870. Over the past 24 hours, the asset has shown a progressive growth of 2.6%. The market capitalization of BTC reached $1.39 trillion. It is noteworthy that simultaneously with the increase in the value of BTC, there is a gradual increase in the volume of daily cryptocurrency trading, which has approached volumes of $23.3 billion.
The day before, Skybridge Capital CEO Anthony Scaramucci said that the BTC rate in this “bullish cycle” could reach $170,000, and in the future the capitalization of Bitcoin will be half of the capitalization of gold.
Source: Cryptocurrency
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