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Bitcoin (BTC), the world’s largest crypto, recently witnessed an impeccable surge and extended beyond $72,000 with a new all-time high. However, significant long liquidations have been noted for Bitcoin amid the price rally. Moreover, crypto analysts have also pointed toward a major correction in future.
Bitcoin Whales Cash Out Profits
According to an observation by Ali Martinez, a popular crypto analyst on X platform, Bitcoin whale addresses have been aggressively cashing out profits. He referred to a screenshot from Glassnode and noted that the number of Bitcoin whale addresses with over 1,000 BTC has been declining. In the last two weeks, the number of these Bitcoin whale addresses has plunged by 4.83%.
The major liquidations could lead to a massive pullback in Bitcoin price. Moreover, $29.40 million worth of Bitcoin long positions have been liquidated in the past 24 hours, according to Coinglass. While the amount is relatively lesser than average long liquidations, its impact cannot be ignored since the BTC price is peaking currently.
Furthermore, Michaël van de Poppe, another crypto analyst, lauded Bitcoin’s recent price rally. He said, “Bitcoin reaching a new all-time high and is showing a lot of strength.” However, Poppe underscored his shift to altcoins amid the BTC price surge.
The shift is attributed to the correction he envisions in the Bitcoin price trajectory. Poppe expects a correction of up to 20% to 30% in BTC’s value and believes that shifting to altcoins could be a hedge against losses. Moreover, the recent liquidations by Bitcoin whales could catalyze this correction.
Also Read: Bitwise CIO Expects Morgan Stanley & Wells Fargo To Join Bitcoin ETF Frenzy Soon
BTC Price Attains All-time High
Bitcoin registered a fresh all-time high of $72,850.71 on Monday, March 11. However, the crypto witnessed a slight slump later and extended below the $72,000 mark. At press time, the Bitcoin price was down by 0.45% to $71,830.94 on Tuesday, March 12.
The BTC price extended into the red owing to massive volatility caused by significant liquidations and diminishing whale holdings. Moreover, the 24-hour trade volume for BTC slipped 3.86% to $51.88 billion. Whilst, it displayed a market cap of $1.41 trillion.
In addition, the Bitcoin options volume slumped by 39.73% to $625.97 million owing to options expiry, expediting volatility. On the other hand, the BTC open interest figure recorded a 1.35% gain to $36.36 billion, marking a positive development.
Also Read: Bitcoin Miner Daily Revenue Hits Record High Ahead of Halving
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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