From Investing.com:

The Glassnode cofounder discusses BTC price, emphasizing liquidity’s importance. He predicts Bitcoin’s move above $42,200 has provided liquidity for long positions and has led to roughly $659 million in liquidations. This could trigger $1 billion in short position liquidations, with the potential to propel the market upward.

GBTC outflows are slowing, and China’s central bank announced a $140 billion injection into the financial system. The Glassnode cofounder believes this liquidity surge might be the catalyst for propelling the markets into the first half of 2024. Markus Thielen of 10x Research also forecasts that Bitcoin prices could reach $50,000 by the end of Q1, 2024.



Read more: Bitcoin’s Big Move Might Trigger $1 Billion Liquidations, Analyst Warns BTC Bears By U.Today