Another dip in crypto markets has sparked a large wave of liquidations against those holding leveraged long positions.
According to crypto data aggregator Coinglass, there have been $324 million in liquidations in the past 24 hours – the majority being long positions in Bitcoin (BTC) and Ethereum (ETH).
Now, analysts are debating what the next move will be for the top crypto asset by market cap.
Pseudonymous analyst Credible Crypto tells his 413,000 followers on the social media platform X that he’s getting out of his short positions, and will most likely start looking for longs.
“Coinbase is buying the dip aggressively, we’ve had a decent rinse in open interest (OI)… as previously mentioned I’ve taken profit on main shorts – I think it’s probably best to be looking for potential longs at this time as opposed to shorts now.”
Closely followed trader Bluntz is doubling down on his prediction that BTC will hit all-time highs sometime in late September or early October. Bluntz is a practitioner of Elliot Wave theory, which aims to predict price action in a series of waves driven by crowd psychology.
According to Elliot Wave theory, assets rally in five main impulses or waves, and according to Bluntz, BTC’s third wave is about to begin.
“For those asking, no this has not been invalidated and is still very much my core thesis, I was wrong in that wave 2 of this last leg into all-time highs was obviously still underway and wave 3 has in fact not even started yet in my opinion.”
At time of writing, Bitcoin is trading at $57,941, down 6.5% in the last 24 hours and down 21% from its all-time high of $73,737.
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