Even as $Bitcoin (BTC.CC)$ crossed $88,000, up nearly 11% in 24 hours and over 30% the past week, experts say that "euphoria has set into the market," suggesting prices could reach $100,000 before encountering serious resistance.
This rise has fueled significant liquidations totaling $655.12 million across long and short positions, sparking conversation about the factors driving Bitcoin's rally and its potential trajectory. BTC had set an all-time high of $88,364 at the time of publication.
According to data from CoinGlass, shorts worth $341.88 million got liquidated over the past 24 hours.
Speaking with Benzinga, Azeem Khan, co-founder of Morph, said, "Now that Bitcoin has crossed $85k, we're absolutely at the place where euphoria has set into the market." He cautioned against further buying due to the high likelihood of a future correction.
With factors like the Trump election win and talks of SEC leadership changes, Khan suggests that a run toward $100,000 could be imminent.
However, he added, "Where it goes from there is hard to say... since we're so early in euphoria I'd say we're back at the place where people who don't care about crypto from our families will be asking us what tokens to buy."
Kevin Lehtiniitty, CEO of Borderless.xyz, told Benzinga that Bitcoin's surge could impact stablecoins, which are often used as a store of value on trading platforms.
As Bitcoin's price rise brings more funds into the crypto market, stablecoins might see net outflows as traders reposition into other tokens.
"With the majority of stablecoin collateral invested in US Treasuries, this will create sell pressure in those instruments at a time when the Fed has just lowered rates," Lehtiniitty said, hinting at potential broader impacts on traditional finance markets.
Eneko Knörr, CEO of Stabolut, attributes Bitcoin's rise to a combination of historical patterns, scarcity, and strategic accumulation by large holders.
Knörr cited the recent Bitcoin halving and low exchange supply as crucial factors, noting, "Sources indicate that today the levels are ridiculously low, which could trigger a short squeeze and send Bitcoin much higher in a short time."
He added that "whales" have been accumulating substantial amounts of Bitcoin, with over 2,000 wallets now holding more than 670,000 BTC.
As experts debate the sustainability of Bitcoin's rally, these developments will be a focus at Benzinga's Future of Digital Assets event on Nov. 19
BTC Price Check: At the time of publication Monday, Bitcoin was trading $88,112.04, up 10.66% in the past 24 hours.
