The world’s largest cryptocurrency, Bitcoin, broke many records today, and according to the latest updated information, the all-time high price record was updated to $88,378 with the sudden rise.
At the time of writing, the BTC price is trading at $88,000. The increase in the last 24 hours has reached almost 10%.
Chart with minute candles showing the recent rise in BTC price.
On the other hand, due to market volatility, there were massive liquidations in both long and short positions in the cryptocurrency market. In the last 24 hours, there was a liquidation of $571 million in the entire cryptocurrency market, of which $206 million was in long positions and $365 million was in short positions.
So what do cryptocurrency analysts expect after this rise?
Rekt Capital, one of the most well-known analysts in the market, shared details about what they expected in a post he published after the records.
According to the analyst, if the BTC price repeats its record pattern from 2020, the BTC price could reach $96,500 by the end of this year.
In addition, the analyst evaluated the rise wave of BTC, which traditionally comes after a halving, according to the current bull rally. Rekt Capital said that traditionally the post-halving rise comes after approximately 214 days and new records are broken, while in the current case, approximately 205 days have passed after the halving.
Rekt Capital argued that this new price record, which came 9 days earlier than expected, means that there is approximately 9 more days of momentum potential in the current cycle.
*This is not investment advice.