Show of Power from Bitcoin: Bears Are Upset Again as It Exceeds $47,000!

Bitcoin, the leading cryptocurrency, continued its strong rise that started on Wednesday and exceeded $ 47,000.

While BTC also mobilized altcoins with its rise, the largest altcoin Ethereum exceeded $ 2,500.

This sharp and strong rise in BTC and altcoins upset the bear investors who were expecting a decline.

According to data from Coinglass, $150 million in leveraged positions were liquidated in the last 24 hours.

Of these, $115 million consisted of short positions, while $35 million consisted of long positions.

Specifically, while a $66 million short position in Bitcoin was liquidated, BTC was followed by ETH and Solana (SOL).

While the rise in Bitcoin and altcoins continues, the popular analysis company, which tries to measure the emotional reflexes of cryptocurrency investors, calculates the “fear and greed index” based on market volatility, market volume acceleration, social media interest, Bitcoin dominance chart and the trends of research types about cryptocurrencies on the internet. ” today was calculated as 72 points out of 100.

While the rise pleases investors, it is also wondered whether it will continue.

At this point, experienced analyst Michael van de Poppe, who evaluated BTC exceeding $ 47,000, said that BTC will reach between $ 48,000-50,000 in the short term.

Poppe also added that he predicts BTC will reach $53,000-55,000 before the halving.

“Bitcoin is above $47,000.

The range is still clear.

“The potential high for the next period is $48,000-50,000, but given the recent strength we could see $53,000-55,000 before the halving.”

Bitcoin continues to trade at $47,300 at the time of writing.

#Bitcoin above $47,000.

The range is still clear, $48,000-50,000 as a potential high for the upcoming period, but given the recent strength, we might see $53,000-55,000 pre-halving.

— Michaël van de Poppe (@CryptoMichNL) February 9, 2024

*This is not investment advice.