BTC Surpasses $39K; Analysts Predict Bull Cycle Amid Liquidations and Institutional Interest

Bits Logics Team . 03rd Dec 2023
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  • BTC crossed $39K, garnering the attention of several investors and analysts in the market.
  • Coinglass reported that in the last 24 hours, the total liquidations came in at $144.69 million.
  • Crypto analysts predict a bullish market and expect BTC to cross $45K prior to halving event.

Earlier today, BTC crossed the $39,000 threshold, garnering the attention of several investors and analysts in the market. Analysts across the market are sharing their thoughts on BTC, especially after the 1.87% surge in one day at the time of writing. 

Michael van de Poppe, a well-known crypto analyst in the industry, shared his thoughts, claiming that Bitcoin is hitting a new yearly high. He further pointed out, “The bull cycle is here, and given the institutional money flowing into the markets, the cycle is going to be comparable to 2017.”

Moreover, Coinglass, a market analytics platform, reported that in the last 24 hours, the total liquidations came in at $144.69 million, including $42.22 million in long positions and $102.45 million in short positions. Coinglass also observed that the single largest liquidation order happened on OKX-BTC-USDT-SWAP for $1.96 million.

Source: Coinglass

Rekt Capital, another crypto analyst, predicted that Bitcoin has the potential to revisit the $45,000 resistance level prior to the BTC-halving event. Based on historical price movements and actions, the king of cryptocurrencies could easily climb to the $45K level over the coming months. It is expected that BTC could see massive green candlesticks form, which may break beyond several resistance levels.

Meanwhile, BTC, according to CoinMarketCap’s weekly data, is experiencing a 6.22% surge, while its market cap is valued at $774,330,510,875. The trading volume remains valued at $17,777,986,940 while witnessing a double-digit spike of 60.13%.