Bitcoin Soars Above $63,000, Wiping Out Short Sellers While Renowned Trader Peter Brandt Confirms ‘Bear Trap’
Following Bitcoin’s sudden climb above $63,000, crypto short sellers are facing significant liquidations. CoinGlass data reveals that over $134 million in liquidations occurred in the past 24 hours, primarily affecting short sellers.
Among the exchanges, Binance, the largest crypto platform by volume, saw the most significant liquidations at $52.05 million, followed by OKX at $35.56 million, Bybit at $19.15 million, and Huobi at $14.39 million.
Renowned trader Peter Brandt suggests that Bitcoin’s recent surge validates the correction to the $50,000 range as a “bear trap,” potentially pushing the price beyond $90,000. A bear trap occurs when a price dips low enough to prompt bears to sell or short, only to swiftly reverse in the opposite direction.
Brandt outlines, “Bitcoin BTC could be unfolding its often-repeated Hump…Slump…Bump…Dump…Pump chart construction. July 5th attempt at double top was bear trap, confirmed by July 13th close. Most likely scenario now is that bears are trapped. Close below $56,000 negates this interpretation.”
Similarly, pseudonymous analyst Bluntz anticipates further upward movement for Bitcoin after the leading digital asset completed a multi-month ABC correction, closing the previous week above $60,000. Bluntz applies Elliott Wave theory, suggesting that assets typically experience a five-wave surge following a three-wave ABC correction.
Observing the market, Bluntz notes, “OK this price action starting to look like accumulation now. If BTC takes out $60,000 again, I think it’s off to the races and a new impulse up may have begun.”
At the time of writing, Bitcoin is trading at $63,033, marking a nearly 5% increase in the last 24 hours. The positive momentum in the market has fueled optimism among traders and analysts, hinting at a potential bullish trend in the near future.
