Just this week, Bitcoin proved how volatile the market can be when it jumped more than $94,000. This explosive pump triggered a liquidation cascade of over $635 million in positions. This increase, the largest in almost two months, has again sparked hopes and rumors of Bitcoin breaking the $100,000 mark. The move sent shockwaves throughout the crypto market, sending not only Bitcoin but altcoins such as Ethereum and Solana plummeting.

The rally takes place during a significant inflow into Bitcoin exchange-traded funds (ETFs), especially those located in the U.S. Market analysts agree, with many calling this last leg of ascent the precursor to a run toward $100,000.

Liquidation Tsunami

BTC’s recent trip back above 30k USD had caused one of the largest liquidation events. Trade data reveals traders had $636.93 million in positions liquidated. Most of this, $474.99 million, was due to short positions against Bitcoin. About $560 million of the total liquidations were shorts, underscoring the especially aggressive bets that were made against Bitcoin’s resurgence.

99Bitcoins, an educational and crypto analysis platform founded over a decade ago and passionate about digital currency, has been following Bitcoin’s every move. To date, they’ve examined more than 2,000 crypto projects. Their analysis reveals that the current technical market conditions lay a foundation for continued bullish price action for Bitcoin.

$100K Within Reach?

Analysts have predicted that Bitcoin will hit $100,000. They feel a lot of liquidity is building right above this critical psychological level. This has pumped major amounts of bullish investors and traders’ optimism into the markets.

The new boom activity in Bitcoin ETFs is a clear indicator of the burgeoning institutional interest and confidence in the cryptocurrency’s long-term prospects. Some analysts urge caution.

Cautious Voices

Even with all the bullish sentiment behind crypto, there are others analyst warning investors to pump the breaks. Even crypto analyst Melika Trader, for instance, would caution against getting too excited about the prevailing buzz around Bitcoin.