Bitcoin has reached a new all-time high of $75,000, resulting in nearly $180 million worth of short positions being liquidated. This surge is attributed to strong spot market demand, not merely speculative derivatives trading. Analysts, including Pav Hundal from crypto exchange Swftyx, highlight that traders are optimistic about a resurgence in the crypto market driven by increased buying activity. After surpassing its previous peak of $73,679, Bitcoin liquidations continued, totaling around $483 million, with short positions accounting for a significant portion of this figure. The potential for a price correction exists as the market braces for increased volatility due to upcoming election results. Options traders predict daily fluctuations of 4-5% as these results are anticipated. Furthermore, insights from various analysts suggest that if certain political outcomes materialize, Bitcoin could keep rising, with some speculating it may reach $100,000 by early 2025.

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