Bitcoin (BTC) Just Hit a New All-Time High After Months of Consolidation

Bitcoin (BTC) just hit a new all-time high after months of consolidation, pushing the broader digital asset market into the green.

Bitcoin (BTC) price hit a new all-time high on Monday, pushing the broader digital asset market into the positive territory. The BTC ATH now stands at $75,011.06, and further price surges could trigger massive liquidations.

According to the data from Coinglass, If Bitcoin breaks above $76,000, over $525 million in shorts will be wiped out, as per data from Coinglass. A substantial $670 million in shorts will be liquidated if BTC breaks $77,000, and more than $800 million will be wiped off if Bitcoin surpasses $83,000.

Read also: Bitcoin Poised for Breakout as Analyst Predicts $100K by Q4

On Binance, the world’s largest crypto exchange by trading volume, a whopping $213 million in shorts will be liquidated if Bitcoin claims the $80,000 price level. This liquidation of shorts will further push the price of BTC higher, as traders will have to buy back BTC to prevent losses.

As per CoinMarketCap data, at the time of writing, Bitcoin is trading at $74,366.09, up 9.20% in the past 24 hours and 17.11% in the past 30 days, according to CoinMarketCap data. The cryptocurrency has a market cap of $1.47 trillion, and Bitcoin dominance stands at a massive 60.1%. Since November 2023, BTC has skyrocketed 112.29%.

Bitcoin Price Analysis and Predictions

The chart below from TradingView confirms that the bulls are in control of Bitcoin’s price action, with the Relative Strength Index (RSI) at 67.80. The market leader is very close to overbought levels, and the gradient of the line suggests that higher prices are possible.

Morgan Creek Capital founder and managing director Mark Yusko recently predicted that Bitcoin will hit six figures by mid-December. Crypto analyst Captain Faibik made a similar prediction, saying that BTC will hit $100,000 by the end of the year.

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