Bitcoin Surges Above $80,000, Analyst Predicts Next Move

Bitcoin's price surged above $80,000 in recent hours, causing hundreds of millions of dollars in liquidations of short positions. Jiang Zhuoer, a Chinese cryptocurrency miner, believes this rally may not be over yet and predicts that Bitcoin could test the $83,000-$84,000 resistance zone. In his analysis, Zhuoer stated that the rapid pace of this recent rise could lead to a sharp correction in the market after reaching the strong resistance zone.

According to data from the futures market, short positions suffered significant losses during the rally. Over the last four hours, $306.55 million worth of positions were liquidated, with $286.14 million of that being short positions and $20.41 million in long positions. The total liquidation amount over the 24-hour period was $515.05 million, with $457.26 million wiped out from short positions.

Zhuoer believes that after reaching the $83,000-$84,000 level, Bitcoin could retreat to the $72,000-$74,000 range, liquidating long positions in the process.