Leading cryptocurrency Bitcoin rose above $62,000 in the morning before retreating.
BTC, which continues to recover after the sharp and steep decline it experienced last week, has increased by up to 7% in the last 24 hours. This rise was one of Bitcoin's biggest single-day percentage gains in recent months, and this rise caught investors in short positions upside down.
According to Coinglass data, $221 million worth of leveraged positions were liquidated in the last 24 hours, $157.8 million of which were short positions and $63.7 million were long positions.
Approximately $100 million worth of short positions in Bitcoin were liquidated in the last 24 hours, making the $100 million liquidation the fourth largest liquidation for Bitcoin short bets this year.
As Bitcoin turned green again, bullish talk also increased and the expectation of $100,000 for BTC by the end of the year was rekindled.
“Bitcoin Will Not Fall Below $50,000!”
At this point, while investors are wondering whether this rise will continue, Transform Ventures founder Michael Terpin said that the price will not fall below $ 50,000 unless something unusual happens.
Speaking to Coindesk, Terpin pointed out that the events that could bring BTC down are over and pointed to October and November for a solid rise:
“Since the Bank of Japan has indicated that it will not raise interest rates any further and Jump Trading has no altcoins to sell like it did in Germany a few weeks ago, I don't think the Bitcoin price will fall much below $50,000 (barring a rapid decline), perhaps never again.
Regardless of the next 60 days, the bull market will continue along traditional four-year cycle lines with solid gains in October and November.
If Donald Trump wins the November election, the flood of new buyers could push Bitcoin prices above $100,000.”
Finally, Terpin stated that this halving cycle is no different from other cycles, saying that pullbacks in the six months after the halving are completely normal and that major declines have occurred after other halvings as well.
“October and November are historically strong months for Bitcoin, especially in halving year and the years following it.”
*This is not investment advice.