Bitcoin to the Moon! 🚀 (Maybe)

by

A Most Curious Development:

  • Bitcoin, that digital phantom, has experienced a
 surge. Five percent, to be precise, reaching a dizzying $117,300. All thanks to a murmur from that venerable oracle, Jerome Powell, hinting at interest rate cuts. It seems even the masters of finance are susceptible to a little whispered suggestion. The shorts, naturally, suffered a fate most unpleasant – $379.88 million vanished like smoke. A truly tragic loss for those who dared to doubt!
  • Analysts, those soothsayers of the digital age, are proclaiming that the “uptrend is back.” Oh, joy. They predict a climb to a rather extravagant $200,000 before the year’s end. One almost expects them to consult tea leaves next.

Bitcoin (BTC), that elusive creature of the internet, bypassed the modest resistance around $117,000 on Friday, triggered by Powell’s cryptic pronouncements at Jackson Hole. One can only imagine the hushed whispers and frantic trading floor activity. It was a scene, I assure you, ripped straight from a Dostoyevsky novel, only with more blinking lights.

The price ascended more than 4%, peaking at $117,300 on Bitstamp, a considerable jump from its recent depths of $111,600. A dizzying ascent indeed! đŸ€Ș

CoinGlass reveals that the aforementioned shorts experienced a rather abrupt termination. A total of $379.88 million evaporated. Ether (ETH) contributed a significant portion ($193 million) to this unfortunate event, soaring nearly 15% to $4,760. Bitcoin followed, with $56.4 million in liquidated positions. It’s a cruel world, this market, a labyrinth of hope and despair. 😈

The market, in its capricious nature, wiped out a total of $629.48 million in both short and long positions. A veritable bloodbath! (Figuratively speaking, of course. Though one suspects some traders may feel otherwise.)

The recent turbulence resulted in the unfortunate disposal of 150,217 traders from the game. They were, shall we say, ‘caught unawares,’ as investor sentiment underwent a sudden and dramatic transformation. A truly sobering spectacle.

The Bitcoin liquidation heatmap meticulously charted the price’s relentless assault on liquidity above $117,000, with over $259.5 million in ask orders lingering between $117,000 and $118,000. Awaiting their fate, like lambs to the slaughter. 🐑

These ‘Analysts’ Claim an “Uptrend”

MN Capital’s Michael van de Poppe observes that the dip below $112,000 provided a rather convenient entry point for the discerning investor. Clever, very clever.

Earlier in the week, van de Poppe warned his followers (via X, naturally) to anticipate a brief plunge below the Aug. 3 low of $111,900, a prime opportunity for accumulation. It seems he possesses a certain
 foresight.

“A small sweep took place and an immediate massive move upward on #Bitcoin,” he declared on X, adding with the gravitas of a high priest:

“Uptrend is back.”

Jelle, another of these financial oracles, suggests a potential retracement following this latest surge. But, he insists, one truth remains unwavering: “The market wants higher.” A rather self-evident statement, wouldn’t you agree? đŸ€”

Various industry participants have recently shared similarly ambitious forecasts. BitQuant predicts a cycle top of $145,000 for Bitcoin
 throughout 2025. A remarkably specific prediction, one might note.

Meanwhile, Bitwise’s AndrĂ© Dragosch, during a CryptoMoon X space, posited that the former President Trump’s endorsement of crypto in 401(k) plans could propel Bitcoin to a fantastical $200,000 by year’s end. A thought to ponder over your evening tea. ☕

Read More

2025-08-23 03:27