Bitcoin has created another all-time high, surging past $71,000 and peaking at $71,600 on Monday.
Meanwhile, trending Bitcoin alternative Green Bitcoin is also gaining momentum as its presale surpasses $3 million.
Bitcoin Price Surges but Could Be Going Much Higher
It seems the bull market is truly underway as Bitcoin bears get wiped out.
Coinglass data shows over $32 million in Bitcoin shorts have been liquidated in the past 4 hours, compared to just $2.4 million longs.
However, things are heating up as analysts highlight that $1 billion in shorts will be liquidated if Bitcoin breaches $75K.
Should this occur, a swift uptick in price could be expected.
Prominent commentator Crypto Rover anticipates this, speculating Bitcoin’s will reach $100K imminently.
“Once Bitcoin breaks above its ATH, it historically hits the 1.618 fib extension ($102,134) within 21 days. Sit back and enjoy the pump to $100k,” he wrote on X.
Bitcoin consolidated under the $69K mark last week, but market participants eagerly awaited a decisive breakout to confirm the uptrend.
“When we break our all-time high, we will reach a level of $180k within 3/4 months. We are now going through an extremely important phase. Let’s send it,” speculated analyst Crypto_Schofield on X earlier today.
While the analyst’s target is indeed ambitious, it illustrates the widespread bullish sentiment behind Bitcoin.
This is also evident in trading data, as Coinalyze recently noted a surge in Bitcoin’s funding rate. The rise stems from bulls placing leveraged longs as Bitcoin surpassed its ATH, reflecting anticipation for further upside.
That said, funding rate growth also increases long liquidation risk, which could suppress Bitcoin’s price.
With that in mind, analyst DeFi Panda anticipates there will be correction before the next leg up, forecasting a pullback to $52K.
Ultimately, Bitcoin’s next move remains to be seen. While there is potential for a rapid uptrend continuation, it may also be destined for a retracement and cooling-off period, having climbed 51% this week.
Nevertheless, the market is rife with opportunity, as many altcoins display significant potential.
One is a new Bitcoin-related presale, Green Bitcoin. Having recently launched, it has already raised over $3 million, illustrating immense community support.
Trending Predict-to-Earn Green Bitcoin Raises $3M and Offers 142% Staking APY
As a Bitcoin alternative with staking and inherent utility, Green Bitcoin has fared in high demand since its presale launch.
In addition to steadfast community interest, expert analysts are also rallying behind the project.
“It has something related to a really contentious issue in the crypto industry,” said YouTuber Decentralised News when highlighting its environmental benefits.
Meanwhile, Jacob Bury dubbed it an “altcoin gem” and speculated it could 10x after its IEO.
Green Bitcoin offers a more eco-friendly alternative to Bitcoin by launching on Ethereum and leveraging staking rather than mining.
Prominent media outlets have criticized mining for its wasteful and unnecessary energy consumption.
As such, Green Bitcoin has been well-received in the media and featured in top outlets like Cointelegraph, BeInCrypto, and CoinGape.
Alongside its eco-friendliness, Green Bitcoin’s utilities have drawn attention.
The project boasts a predict-to-earn mechanism, inviting users to guess whether Bitcoin’s price will rise or fall the next day in exchange for $GBTC rewards. Users must stake $GBTC to partake, bolstering token demand.
Stakers can also garner a 142% APY, but this will decrease as the staking pool grows.
Meanwhile, the Green Bitcoin presale price will increase throughout the campaign, further incentivizing early adopters.
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