Grok’s Bitcoin Price Prediction Amidst $183M Short Liquidations: What to Expect Next?

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Quick Facts:

1️⃣ Over $180M in short positions were liquidated as Bitcoin’s breakout above $112K-$115K triggered a powerful short squeeze.

2️⃣ Grok’s Bitcoin price prediction points to a long-term target of around $500K if the token closes strongly above $125K.

3️⃣ Bitcoin Hyper ($HYPER) emerges as the best altcoin to buy now, as investors look for high-upside plays to ride Bitcoin’s momentum.

Bitcoin is up nearly 4% in the last two days, having broken out of a very neat descending triangle pattern on the lower time frames.

That said, Bitcoin’s push above the $112K level – and now the $115K level – is more than just a strong technical breakout.

In fact, it has resulted in a whopping $183M worth of short positions being liquidated in just the last 24 hours alone.

This, according to crypto analysts such as @X_Four_iv (who has more than 25K followers on X), is triggering a short squeeze.

A short squeeze, in crypto context, is exactly what it sounds like, i.e., a sharp breakout above a major resistance zone (in this case, $112K and $115K) that triggers the stop losses of short sellers.

When those short positions are liquidated, the forced buy orders that execute their stop losses further push the price higher.

This creates a domino chain of liquidations and buy orders that send prices soaring with little to no consolidation in sight.

According to Grok, we can arrive at Bitcoin’s next potential target by using the width of the descending triangle pattern and mapping it onto the breakout level.

This gives us a target of around $125K, which would put Bitcoin just shy of its current all-time highs.