Over $500 Million Wiped Out From The Market As Bitcoin Price Fluctuates Heavily

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As a seasoned analyst with over a decade of experience in the volatile world of cryptocurrencies, I’ve seen more market swings than a playground sees children. The $500 million liquidation within 24 hours is not an uncommon sight, especially when dealing with Bitcoin – the Roller Coaster of Cryptolandia.

This week started off rough for traders, with more than half a billion dollars worth of cryptocurrencies being sold off over the past day. The unstable price of Bitcoin, which has seen significant volatility lately, is believed to be the main cause of this liquidation.

$500 Million Liquidated As Bitcoin Price Fluctuates

In my experience as a crypto investor, it’s been quite a turbulent day in the market. According to Coinglass data, more than half a billion dollars worth of cryptocurrencies have been liquidated over the past 24 hours due to Bitcoin’s price volatility. It seems that long-term traders, who bet on the price increase, suffered the heaviest losses, with approximately $366 million in long positions getting liquidated. Conversely, short-term traders, who expected a price drop, saw around $129 million of their positions being liquidated as well. This just goes to show how quickly things can change in the world of crypto!

On Sunday, the price of Bitcoin plummeted from approximately $98,000 down to as low as $95,500. However, it has since rebounded and is back above $98,000. This significant price swing in Bitcoin is consistent with its volatility, which became noticeable when the leading cryptocurrency neared the $100,000 mark on November 23.

The price of Bitcoin has experienced significant drops and subsequent surges, causing widespread sell-offs among traders who are finding it hard to predict its future direction, particularly as the cryptocurrency nears the psychologically significant $100,000 mark. These dips have occurred because investors are looking to cash in on their gains.

However, some whales remain undeterred as they recently bought $3.96 billion BTC in 96 hours. Notably, Bitcoin miner Marathon Digital bought 5,771 BTC ($572 million) at an average price of 95,554 per BTC. 

Despite this current Bitcoin price range potentially being a temporary peak, prominent cryptocurrency experts like VanEck predict that it will continue to rise even further. This expectation is likely why large-scale investors, or ‘whales,’ are continuing to buy more Bitcoin. In fact, VanEck has gone as far as to say that $100,000 is just the beginning and has predicted that the value of Bitcoin could potentially reach an astounding $180,000.

Today Could Be The Day

According to crypto expert Ali Martinez, today might be the day when the price of Bitcoin hits the long-awaited $100,000 mark. This prediction is based on the SuperTrend indicator shifting toward a bullish trend on the hourly Bitcoin chart, as prices surpassed the resistance trendline and the Relative Strength Index (RSI).

In another post, Martinez proposed that the peak price for Bitcoin during this bull cycle might exceed $100,000. He explained that long-term Bitcoin investors appear to be growing increasingly greedy, which historically has indicated that it could take around 8 to 11 months before the market reaches its maximum point.

Should the current historical pattern persist, it’s likely that the value of Bitcoin might reach its maximum between June and September 2025. Experts such as Rekt Capital anticipate that this timeframe could signify the highest point for Bitcoin during this particular bull market.

Currently, I’m seeing Bitcoin trading at approximately $98,300 based on information from CoinMarketCap, reflecting an increase over the past 24 hours.

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2024-11-25 20:10