BlockBeats News, August 23, according to Forbes report, Bitcoin recently surged from $62,900 to $79,500, with a 26% increase in 5 days. Previously, over $3.1 billion in short positions were liquidated. Trader MARMOT stated that this rally was not entirely driven by organic demand but was a typical short squeeze scenario. He pointed out that around $3.1 billion in short positions had been liquidated in the past few days, making it one of the largest liquidation events he had ever seen. At the same time, as Bitcoin surged rapidly, retail investors were FOMOing into the market.

Geoff Kendrick, Head of Digital Asset Research at Standard Chartered Bank, stated that his previous prediction of Bitcoin reaching $100,000 by the end of the year might have been underestimated. He believes Bitcoin may retest its historical high of $126,000 and expects the market recovery to further accelerate after October 6.

Meanwhile, some market participants believe that the current uptrend poses a short-term risk of overheating. Trader David Goldstein said that Bitcoin's surge from $64,000 to nearly $80,000 was mainly driven by the U.S. Treasury bond repurchase signal and unprecedented short squeeze. He believes that $80,000 is a key resistance level, and this rally might peak in the $85,000 to $90,000 range, followed by a correction or consolidation around $70,000 to $75,000.

Forecast platform data shows that market expectations for Bitcoin's future price are heating up. At the same time, inflows into U.S. spot Bitcoin ETF have rebounded, with a cumulative inflow of $1.62 billion over the four trading days ending on August 21, reversing the previous week's net outflow trend.

However, multiple traders reminded investors to avoid chasing the price higher due to the rapid surge. Crypto Kit mentioned that just a week ago the market was still awaiting an entry opportunity around $45,000 to $50,000, but now that Bitcoin has risen to $77,000, investors suddenly accepted the current price, showing a significant increase in market FOMO. And stated, "I will not rush into the market for fear of missing out because the market can drop by 10% at any time, and nothing can prevent this from happening."