The post Bitcoin’s Potential Drop May Cause $15B Liquidations on Binance appeared first on Coinpedia Fintech News
As a result of the Bitcoin drop, over the past 24 hours, 74,741 traders have liquidated assets worth $230.18 million, with top assets being BTC, ETH, and SOL. Leading the pack is Binance with $90.72 million, followed by OKX and Bybit with $84.81 and $25.91 million, respectively. The largest liquidation order was $5.40 million.
What’s happening? Is it a pre-halving crash? Let’s analyze the crypto market.
Analyst’s Bear Call for Bitcoin
Cryptocurrency analyst Ali Martinez’s warning about potential massive liquidations on Binance, triggered by Bitcoin’s price potentially dropping to $50,500, underscores the market’s sensitivity to significant price movements. Liquidations totaling $89 million in the past 24 hours, with long positions at $66.39 million and short positions at $22.61 million, highlight traders’ risk exposure in bullish and bearish positions.
Martinez says that Bitcoin could fall between $56,200 and $51,600 if it can break through the above-stated support level. As long as it stays above the $72,400 level, the next price goals are $79,000 and $86,000.
Read More : Why Bitcoin Price dropped below $60K ? Will BTC Price Plunge to $55K This Weekend ?
Why Now?
With halving approaching, everyone wants BTC to rise, but the concern about Bitcoin’s price drop extends beyond the immediate market dynamics. Research firm 10x Research’s caution about a potential significant price correction for risk assets, driven by factors like inflation and Middle Eastern tensions, reflects broader economic and market trends impacting cryptocurrencies alongside traditional assets like stocks.
However, amidst these concerns, there are also positive signs. The approval of Bitcoin and Ethereum ETFs in Hong Kong has given new hope for market growth. Bloomberg Senior ETF analyst Eric Balchunas has also revised inflow predictions for these ETFs, estimating they will reach $1 billion within two years, showcasing that big investors are rooting for crypto.
Also Read : Top Reasons Why Bitcoin Price is Down Today
Leveraging the Short-Term Haul
But how can we miss the short-term fluctuations? Some industry leaders call it a positive long-term outlook for Bitcoin. Venture capitalist Tim Draper’s prediction of a $250,000 BTC price by the end of 2024, made at the close of 2023, indicates confidence in Bitcoin’s potential for substantial growth. Raising the standards, Willy Woo, a crypto expert, predicted $650,000 at the bull market top and $91,000 at the bear market bottom.
Despite recent market volatility, Bitcoin’s current price at $61,371 and its year-to-date surge of 38.94% demonstrate resilience and continued investor interest in the cryptocurrency.