A prominent crypto analyst Willo Woo did share some of his thoughts regarding Bitcoin and how the time is not far when we get to see one more jump made by crypto towards an all-time high price point. According to the analyst, around $778 million got liquidated in turns of March 30; as proposed by the analyst, when traders get too bearish or bullish, the whale has to just step in, forcing them to use the high leverage for the sake of getting liquidated.
This proposes that whenever the price of Bitcoin is to go high, the traders will start liquidating, thus using the price of the digital asset down once again, drowsing the crypto into a vertigo effect. Not only has this little theory favored the concept that Bitcoin might not ever achieve an all-time high, but it also should not even remain held by the investors who have poured just too much of their finances into it. This was among one of the questions that were asked of the crypto analyst and the extension that if it is to continue like this, what are the chances of Bitcoin achieving the $70k price point or an all-time high.
Bitcoin is at its Strongest
Woo replied to this assumption in very subtle words by saying that the current position of Bitcoin is strong not only in the crypto market but also on a global scale which kinds of makes it easy for the cryptocurrency to run through the $70k price limit. It not only have a chance of getting to the $70 k but beyond that if it comes to that. The most important thing that needs to be considered here is that people are looking up to Bitcoin as something that can fight inflation, and for that matter, it has become an important commodity to trade in, thus keeping its value alive and thriving over time.
Gold and fiat currency has failed to fight against inflation, but Bitcoin, on the other hand, is getting bolder and more active in this, and it doesn’t only have to do with the fact that it is a new player in the game; there is so much more than that.