🚀 BTC Returns to $70,000: Is it a 'Bear Trap' or a 'Severely Undervalued' Gold Mine?
The Bitcoin market is once again experiencing a 'roller coaster' trend. After plunging to $60,000 in a terrifying moment, BTC quickly regained ground, rising strongly above $70,000. Is this the prelude to a rebound, or the calm before a bigger storm?
1. $2 billion liquidated in 24 hours, bears are 'caught off guard' 🐻
The sharp reversal in price has led to a massacre of short positions. According to Coinglass data, the total liquidation amount across the network has exceeded $2 billion in 24 hours. Those shorting in hopes of further declines found themselves trapped in a carefully laid 'bear trap' due to their inability to exit in time.
2. Santiment Founder: The market needs a 'big washout' 🏛️
Santiment founder Mikhail Balashevich has put forward a grim viewpoint: the true starting point of a bull market may require an 'idol's collapse'.
Drawing a parallel with the FTX crash: He believes that just as the collapse of FTX in 2022 signaled the market bottom, the ultimate washout in this cycle may occur when MicroStrategy's Michael Saylor is forcibly liquidated. Price prediction: He expects a short-term rebound to $92,000–$95,000, but afterward, a new wave of selling may occur. As for the prediction of reaching $250,000 by 2026, he believes the likelihood is currently low.
3. Glassnode Data: Bitcoin is in a historically undervalued range 💎
Despite the bearish outlook from big players, on-chain data presents an opposite signal. Glassnode points out that the Bitcoin Yardstick indicator has dropped to a historical low.
This indicator measures the ratio of market capitalization to hash rate (network security). The current reading shows that Bitcoin is severely undervalued. Historically, such periods of extreme undervaluation do not last long and are often the best entry points for long-term investors.
Summary:
The market is currently in a state of extreme divergence: technical indicators show that 'the bottom is in', while macro analysts are waiting for 'one last drop' to clear out leverage.
Will you choose to buy at 'historical lows', or wait for the ultimate opportunity after Saylor's liquidation? Feel free to comment below! 👇
#BTC #比特币 #Santiment #Glassnode #MicroStrategy
