Hello dear and loyal readers, today we will scrutinize some expert approaches to the behavior of the cryptocurrency market, and the likelihood that Bitcoin's price action is projected to reach very liquid levels.
Opinions are divided as to what will happen next: after more than a year of bear market, many market participants expect a dramatic correction and even new multi-year lows below $12,000 or worse.
The truth is that after posting 40% gains in January, Bitcoin continues to consolidate around $23,000, however, others believe that the good times may continue and even see the BTC/USD pair reach $30,000 before checking its relief rally.
Meanwhile other experts are focusing on another line in the sand much closer to the current spot price, it is assumed that the area around $25,000 is now especially significant.
Analysis of an attached liquidity chart shows that leveraged short positions will begin to see liquidations once the BTC/USD pair breaks above the $23,400 mark so far, that's exactly where the rally has encountered momentum problems.
SOURCES CONSULTED
Cointelegraph This $25K BTC price target would spell misery for Bitcoin shorters. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image background: Cointelegraph
