Since the 2024 breakout, Bitcoin’s price has maintained a steady upward trend, consistently forming higher highs and higher lows. This pattern reflects strong bullish momentum, indicating that buyers are firmly in control. While bears have attempted to slow the rally with intermittent pullbacks, the broader trend remains firmly within bullish territory.
Recently, Bitcoin broke out above $122,500, sparking speculation about how high the price could climb in the coming days. As of now, Bitcoin is trading at $122,108, according to CoinMarketCap, showing a 3.52% increase in the last 24 hours.
On a wider timeline, the cryptocurrency has gained 12.17% over the past week and an impressive 16.35% over the last month, further underscoring the strength of its current run. Market analysts highlight that this breakout above $123k could push Bitcoin towards testing a new ATH level, potentially targeting $125,000 and beyond.
Huge Bitcoin (BTC) Short Liquidations
Crypto liquidation occurs when a trader’s positions are forcibly closed in the market. This often happens with short positions, where traders bet on a token’s price dropping. If the price moves against their prediction and hits a certain threshold, forced liquidation is triggered. This can drive the price higher, as seen in the recent breakout, where over $362 million in shorts were liquidated within just a few hours.
According to Coinglass, nearly $445 million worth of shorts were liquidated in the past 24 hours, with $362 million occurring in the last 4 hours alone. Around 120,000 traders faced liquidation, including a single largest liquidation of $98.10 million. With the price surpassing all major liquidation levels, there appear to be no obstacles to halt the ongoing BTC bull run.
How Far Can Bitcoin’s Price Rally Go? What to Expect Next
Bitcoin has just reached a new all-time high (ATH) of $122,540.92, marking a historic moment in the cryptocurrency market. This milestone comes shortly after Bitcoin achieved one of its highest weekly closes ever, signaling strong bullish momentum. The price has successfully stayed above the critical $120,000 threshold. Analysts suggest that this bullish continuation is likely to persist, with Bitcoin potentially maintaining its elevated price levels throughout the remainder of 2025.
Analyst Ali recently shared a BTC chart highlighting Bitcoin’s recent peak within the MVRV pricing bands. Based on these bands, Bitcoin’s next potential high could be around $127,000. However, it remains to be seen how the price will react at those levels, as previous rallies have been followed by corrections.
With its recent surge, Bitcoin is now the 5th largest asset globally, surpassing major players like Amazon, Silver, and Alphabet (Google). Meanwhile, institutions continue to accumulate BTC, with unrealized profits in the billions. This indicates that the Bitcoin bull run is gaining momentum, suggesting a steady and sustained rally that could push prices to new all-time highs.
Also Read: Still Holding Ethereum (ETH)? 3 Bear Market Signs You Can’t Ignore
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
