Bitcoin: Is $48,000 the Next BTC Target?

Contents

Speculation that BTC would reach the $48,000 mark grew.
When the price of BTC rose, a short squeeze occurred.

Bitcoins [BTC] According to recent data, the rally may not slow down anytime soon. There are many who believe that BTC will reach the $48,000 mark.

Onwards and upwards

If Bitcoin surpasses 45k, a quick move to 48k is likely due to the limited supply between 45k-47k. About 4% of the supply is around $48,000, indicating potential profit-taking by those who bought in the first quarter of 2021.

Once #Bitcoin If we break 45k, I think we can get to 48k quickly. There is very little supply between 45k and 47k.

Nearly 4% of the supply is at $48,000, assuming substantial profit-taking at these levels, which bought the top of the first quarter of 2021. pic.twitter.com/1ULycn2BVv

— James Van Straten (@jimmyvs24) December 9, 2023

Recently, a whale added 3,000 BTC, worth about $132 million, to Binance, generating about $23 million in profits.

Over the past year, this whale has made three BTC trades, consistently buying at low prices and selling at high prices, resulting in a total profit of approximately $61 million with a perfect 100% win rate.

A smart whale deposited 3K $BTC($132.7 million). #Binance today, and earns ~$23 million.

This whale has acted $BTC He/she has bought something 3 times in the past year $BTC at low prices and sold at high prices every time.

The total profit is ~$61 million and the win rate is 100%.https://t.co/1U2MmJq0kH pic.twitter.com/1jcn9S4TUo

— Lookonchain (@lookonchain) December 9, 2023

Trader behavior

BTC Futures data on the Binance Orderbook showed that short positions experienced significant liquidations as prices rose and open interest fell.

This short squeeze involved several undetected sell orders, but was met with resistance on larger blocks. Currently, there are notable bids and asks around the current price, with significant levels of $44,500 and $46,100 serving as resistance, and $41,000 serving as the support level.

$BTC Future data & #Binance Order book

Shorts were executed last night (price up, OI down, liquidations up). That little short squeeze filled in some of the under-the-radar distribution, but stalled around the larger block.

Currently there are some supporting bids and… https://t.co/Wd5FLlFNdR pic.twitter.com/2goP31d4it

— Maartunn (@JA_Maartun) December 9, 2023

The liquidation of short positions could put upward pressure on the price as short sellers hedge their positions, adding to potential bullish momentum.

However, resistance at key levels could pose a challenge for further price appreciation as these levels historically attract selling interest.

Read Bitcoins [BTC] Price prediction 2023-24

At the time of writing, BTC was trading at $44,326.57 and the price had risen by more 1.93% in the last 24 hours.

However, the volume on which BTC traded dropped significantly.