Observers warn of an imminent leverage wipeout as Bitcoin exits its ‘easy mode’

Crypto traders are advising caution and waiting on the sidelines to avoid potential losses from leveraged positions in Bitcoin. They believe that there is currently too much leverage in the market, and market makers are taking advantage of high emotions and risky behavior. Recent data shows that $39 million worth of leveraged positions in Bitcoin were liquidated in the past 24 hours. Traders are closely watching the Bitcoin price chart, which is forming a symmetrical triangle, indicating a neutral pattern. However, some traders warn that this could lead to a fakeout, catching traders off guard. Despite the uncertainty, some traders remain optimistic about Bitcoin’s upward trend, with one predicting a price of $80K by May. Others, like Peter Schiff, caution against excessive confidence in long positions and remind traders that markets often do not work out as expected. HoneyBadger and other traders are choosing to stay on the sidelines and protect their capital until they see the right moment to enter the market.