• Bitcoin is leading the 2023 rally of the cryptocurrency market and is currently trading at about $23,722.
• Crypto Twitter is abuzz with excitement as some analysts predict that BTC could reach $1.3 million by the end of the year.
• CoinGlass data shows that a total of $29.64 million of short positions were liquidated as Bitcoin broke through $23k.
The cryptocurrency market is seeing a major surge this year, with Bitcoin leading the charge. As of writing, BTC is trading at $23,742, which is a significant increase from its August 2022 support level of $22,722. This surge has sparked much enthusiasm on Crypto Twitter, with some analysts predicting that BTC could reach $1.3 million by the end of the year. Although many investors are feeling bullish about the situation, there are those who are more wary about the current rally. There is a fear that this could be a bull trap, setting up many long-term holders for losses in the long run.
Despite the caution, the bullish momentum continues to grow. BTC is expected to make one final push towards $25,000, before potentially settling at that price. Meanwhile, CoinGlass data shows that a total of $29.64 million of short positions were liquidated as Bitcoin broke through $23k. This signifies that many bears are being forced to go long as the crypto king continues to climb. As of writing, the crypto king has already climbed 42% upwards and it is expected to continue this trend in the coming months.
It is clear that the cryptocurrency market is in a resurgence, with Bitcoin leading the charge. This has led to a lot of enthusiasm from Crypto Twitter, but also a certain amount of caution. Despite this, Bitcoin is expected to continue its climb, potentially reaching $25,000 before the end of the year. As more and more bears are forced to go long, it is likely that the crypto king will continue to surge in the months ahead.