Top Trader Issues Bitcoin Alert, Warns BTC Could Witness $100,000,000,000 in Cascading Long Liquidations

A intently adopted crypto dealer is issuing a warning to Bitcoin holders, saying that BTC might see a cascade of lengthy liquidations within the close to future.

Justin Bennett tells his 111,300 Twitter followers that he believes Bitcoin is probably going buying and selling in an increasing wedge sample and that it might right to round $20,000 after hitting the formation’s diagonal resistance.

“A bit increased than I assumed we’d see, however I nonetheless assume we get the pullback from BTC.

Apes gonna ape.”

Supply: Justin Bennett/Twitter

Bennett additionally notes that billions of {dollars} value of lengthy positions are ready to be liquidated under $20,800, suggesting that market makers might drive the worth of Bitcoin right down to faucet into the deep liquidity space.

“Over $100 billion (sure, billion) value of BTC longs left untouched at $20,800. What might it imply?” 

Whereas Bennett sees a major corrective transfer for Bitcoin, fellow analyst Rekt believes that BTC may very well be gearing up for a giant breakout on the month-to-month timeframe.

“Wanting ahead to the subsequent few months for BTC.” 

Supply: Rekt/Twitter

Wanting on the dealer’s chart, he seems to be suggesting that BTC may very well be mirroring its late 2014 and early 2019 value motion. In each cases, Bitcoin broke down from a descending triangle sample earlier than ultimately taking out a key diagonal resistance.

Within the quick time period, Rekt predicts that Bitcoin might retest resistance at round $23,300 earlier than persevering with its present uptrend.

“BTC carried out a profitable retest of the confluent resistance space on the day by day [chart].

That being mentioned, there might nonetheless be one other dip to that very same space after a weekly shut.

That will represent a wholesome technical retest setup however this time on the weekly [timeframe].”

Supply: Rekt/Twitter

At time of writing, Bitcoin is buying and selling for $24,711, a fractional improve on the day.

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Disclaimer: Opinions expressed at The Day by day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual danger, and any loses it’s possible you’ll incur are your duty. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please be aware that The Day by day Hodl participates in internet online affiliate marketing.

Featured Picture: Shutterstock/Liu zishan

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