Crypto market leader Bitcoin (BTC) has soared to a three-week high as silver continues its strong rally.
Data from CoinCodex shows that BTC’s price rose a fraction of a percentage in the past 24 hours to trade at $93,293 at the time of writing and to extend its weekly gain to more than 6%.
BTC price (Source: Coincodex)
Over $186M Liquidated From Bitcoin Shorts, Experts See Further Upside
BTC’s continued rise led to more than $186 million in short liquidations over the past 24 hours, data from CoinGlass shows. Bearish bets for the crypto king took the hardest hit as well, with only around $75 million and approximately $31 million getting liquidated from Ethereum (ETH) and XRP short positions, respectively, during the same period.
Bitcoin’s break above the $93K mark might be just the beginning, as industry experts believe there is more upside for the crypto’s price.
Among those experts is Tom Lee, the Chairman for leading corporate ETH holder BitMine Immersion Technologies. During a recent appearance on CNBC’s Squawk Box, he predicted that BTC might reach a new all-time high (ATH) by the end of January.
He went on to predict that “2026 is going to be a year of two halves,” warning that the first half of the year “may be tough” as institutional rebalancing takes place amid a “strategic reset” in the crypto markets.
That volatility, Lee believes,”is exactly what sets the stage for the massive rally we expect in the back half.”
Lee’s view was echoed by Miller Value Partners CIO Bill Miller. In a Monday interview with CNBC, he said that Bitcoin will likely “break out to a higher high than its all-time high,” which was set at above $126K on Oct. 6.
BTC’s latest break above the $93K mark comes after the crypto traded flat while precious metals, especially silver, went on to soar to new record prices in recent weeks amid ongoing macroeconomic turbulence.
Silver price (Source: CoinCodex)
In the past 24 hours, silver’s price pumped another 4%.
Zooming out to the longer-term time frames shows that the precious metal is more than 4% in the green on the seven-day time frame and over 33% up on the monthly time frame.
Commenting on the recent performance of precious metals, known Bitcoin critic and gold advocate Peter Schiff said in a Jan. 5 X post that the metals are still in the early stages “in what will likely be the biggest precious metals bull market in history.”
He then continued to question the ongoing attention that CNBC and other outlets keep giving Bitcoin, while seemingly not offering the same coverage to silver and precious metals.
Source: https://coinpaper.com/13555/bitcoin-price-hits-3-week-high-but-peter-schiff-bets-on-silver
