Bitcoin Surges 3% to New All-Time High of $112,022, Shorts Liquidated

Bitcoin's recent price movements have shown remarkable strength, bouncing back from a brief dip into the low $108,000 range to reach a new all-time high of $112,022. This surge caused over $470 million in short liquidations across the crypto market, according to data from Coinglass. The intense price activity has led to a shift in sentiment, with some analysts arguing that the window for shorting Bitcoin may have closed.

CrediBULL Crypto, a prominent crypto analyst, has taken to the social media platform X to declare that it is now effectively "illegal" to short Bitcoin. This statement comes after a 24-hour period of significant price activity, with on-chain data showing a trading volume of $60.15 billion. CrediBULL Crypto's analysis is based on the Elliott Wave count on the 8-hour candlestick timeframe chart, which reflects two possible scenarios. The first scenario involves a brief rejection above $110,000 followed by a corrective pullback toward the $102,000 zone, an area highlighted as a key daily demand level. The outcome would be a sideways consolidation before the next major upward impulse. However, the analyst has since acknowledged that Bitcoin may have already begun its next major leg up, bypassing the corrective phase entirely. In either scenario, CrediBULL’s commentary stresses that the downside from current levels is limited, and shorting Bitcoin now is equivalent to fighting strong upward momentum.

According to CrediBULL Crypto, the current market structure no longer supports bearish bets. The setup suggests a continuation above $111,000 in the coming days. If Bitcoin clears the $111,000 to $112,000 range with enough conviction, it would confirm a vertical rise into wave 3 of a new Elliott impulse cycle. The price target for this Wave 3 is around $130,000, with a potential correction to form an impulse Wave 4 before Bitcoin enters another strong bullish leg. The most bullish scenario places Bitcoin on a final Wave 5 movement to $150,000. At the time of writing, Bitcoin is trading at $111,270, with the downside currently limited. The focus should now be on identifying long opportunities rather than attempting to short what may be the early stages of another explosive rally.

CrediBULL Crypto's analysis is based on an Elliott Wave pattern, specifically the W-X-Y structure. According to this pattern, wave W may have concluded below $99,000, with wave X expected to peak above $114,000. Following this, wave Y could break Bitcoin out of a symmetrical triangle pattern, targeting prices above $120,000. The analyst also mentions the possibility of further gains toward $136,000 and even as high as $154,000 if the momentum continues, representing a gain of over 42% from the current level. There is an even more optimistic scenario where Bitcoin might have already begun its next major impulse wave. In this alternative Elliott Wave count, Bitcoin has completed wave 1, is currently forming wave 2, and could be ready to enter wave 3. This wave is often the strongest in any Elliott Wave pattern. If Bitcoin breaks above the $111,941 resistance level, it could surge to $128,000 in wave 3, followed by brief consolidation in wave 4, and finally push up to around $149,000 in wave 5. That would mark a 37% gain from where the price stands now.

In either scenario, the analyst believes the downside for Bitcoin is limited. The current trend strongly favors the bulls, and trying to short Bitcoin under these conditions is highly risky. The lower demand zone, between $67,000 and $74,000, acts as the worst-case support level if the market sees a sharp drop. However, with current trends, such a deep correction seems unlikely in the short term. Supporting the bullish case is on-chain data that shows more long-term holders are accumulating Bitcoin. Addresses holding BTC for over one year increased by 1.02%, while short-term holders declined. “Cruisers,” who hold Bitcoin for 1 to 12 months, dropped by 1.48%, and “traders,” who hold for less than a month, fell by 2.76%. This shift from short-term speculation to long-term investing suggests growing maturity and confidence in the Bitcoin market.

CrediBULL's view that it’s “illegal” to short Bitcoin is a strong way of saying that the reward for shorting is too low compared to the risk. With the market structure showing strength, especially after consolidating above $100,000, short positions could quickly be wiped out if prices break out again. The analyst encourages traders to look for long opportunities instead, especially with key resistance levels within reach and upside momentum building. For Bitcoin to confirm the bullish breakout, it must first clear resistance at $111,941. If it does, the next targets would be $120,000, then $128,000, and possibly $149,000. These levels align with both technical chart patterns and increasing investor confidence. Even if Bitcoin faces short-term pullbacks, the support zones and long-term holder data suggest the asset is in a healthy uptrend.

In summary, market signals and price patterns suggest it is no longer a good idea to short Bitcoin. Analysts like CrediBULL Crypto are confident that the next big move is likely upward. With long-term holders increasing and short-term traders stepping away, the stage is set for another leg of Bitcoin’s bull run. Traders who attempt to bet against Bitcoin may find themselves caught on the wrong side of the market. The message is clear: shorting Bitcoin at this point may not be illegal by law, but it certainly is by strategy.