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BTC price action is copying late 2024 — and that could result in fresh 50% gains, one trader says as late Bitcoin shorts feel the pain again.
Key points:
Bitcoin tags fresh record highs into the weekly close as liquidations punish shorts.
BTC price areas of interest include a support test of $115,000.
Hopes build that BTC/USD will copy its seven-week “discovery uptrend.”
Bitcoin (BTC) hit new all-time highs on Sunday as BTC price volatility returned into the weekly close.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewBTC price spikes to new record near $19,500
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $119,444 on Bitstamp.
The pair eclipsed its previous record peak from two days prior as it crossed the $119,000 mark for the first time, liquidating shorts as it went.
The latest data from monitoring resource CoinGlass put short BTC liquidations at over $20 million in a single hour.
Binance BTC/USD liquidation heatmap. Source: CoinGlass“Going to get interesting next week. We've got a lot of big liquidity clusters above and below the current price. We just took out a good bunch at the $119K+ region,” popular trader Daan Crypto Trades reacted in a post on X.
Daan Crypto Trades eyed two key liquidation-related zones to watch next: $115,500-116,500 and the area above $120,000.
🚨 ALERT: 24h liquidations hit $208M as 95K traders wrecked.
The biggest single loss was a $1.49M BTCUSDT position on Bybit. pic.twitter.com/0Rg6PXKHtP
“$BTC has a major resistance level between $119K-$120K. But after that, there's a lot of upside,” trader and investor Niels, cofounder of Web3 accelerator and incubator Ted Labs, continued.
“If $BTC manages to break above $120K, the path towards $135K-$140K will open. In case of a rejection, BTC could retest $114K-$115K before reversal.”Room for 50% gains?
Others zoomed out, with trader BitBull staying firmly optimistic on the immediate outlook for BTC price action.
Related: Bitcoin $120K expectations add fuel to ETH, HYPE, UNI and SEI
“There's no reason to be bearish on $BTC here. The strongest weekly breakout since November 2024, which led to a 50% pump last time,” he told X followers.
BitBull flagged multiple bullish catalysts impacting Bitcoin, including record institutional inflows, the upcoming US “Crypto Week” and rumors over the resignation of Federal Reserve Chair Jerome Powell.
BTC/USDT 1-week chart. Source: BitBull/X“Week 1 in Bitcoin's Price Discovery Uptrend 2 is slowly coming to an end. Week 2 begins tomorrow,” popular trader and analyst Rekt Capital added.
“The first Price Discovery Uptrend lasted 7 weeks.”
BTC/USD 1-week chart. Source: Rekt Capital/XThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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