ChainThink reports that on August 23, according to Forbes, Bitcoin surged rapidly from $62,900 to $79,500, rising 26% within five days, during which over $3.1 billion in short positions were liquidated.
Trader MARMOT noted that this rally was primarily driven by short squeezes rather than organic demand, with $3.1 billion in liquidations representing one of the largest such events observed. Retail investors exhibited clear FOMO sentiment, rushing to buy in.
Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, said that the previously predicted year-end target of $100,000 may have been underestimated, and Bitcoin could retest its historical high of $126,000, with market recovery expected to accelerate after October 6.
Trader David Goldstein warns that $80,000 is the first major resistance level; this rally may peak between $85,000 and $90,000, followed by a pullback to consolidate around $70,000 to $75,000.
U.S. spot Bitcoin ETFs see renewed inflows, with cumulative inflows reaching $1.62 billion over the past four trading days through August 21, reversing the previous net outflow trend. Several traders caution investors against chasing prices, noting a short-term risk of market correction.