In recent developments, traders faced a challenging start to the week as the crypto market experienced a significant liquidation event. A staggering total of over $500 million was liquidated in just 24 hours, largely due to the highly volatile nature of Bitcoin’s price movements.
$500 Million Liquidated As Bitcoin Price Fluctuates
Data from Coinglass reveals that the crypto market saw over $500 million in liquidations within a day, a direct result of Bitcoin’s erratic price behavior. Long position traders bore the brunt of these losses, with more than $366 million wiped out. Short positions were not spared either, losing over $129 million in the process.
Bitcoin’s Rollercoaster Ride
The turbulence unfolded as Bitcoin’s price tumbled significantly from approximately $98,000 to a low of $95,500 on Sunday. Fortunately, Bitcoin managed a swift recovery, regaining its strength above the $98,000 mark. This pattern of sharp price swings has been a recurring theme since Bitcoin approached the psychological milestone of $100,000 on November 23.
These price pullbacks, followed by rapid rebounds, have triggered widespread liquidations, leaving traders in a quandary about Bitcoin’s future direction. Many investors are seizing the opportunity to secure profits as Bitcoin nears the $100,000 benchmark, a level that holds immense psychological significance.
Whales Continue to Accumulate
Despite these fluctuations, some large-scale investors, known as whales, remain undeterred. In a remarkable move, they acquired $3.96 billion worth of Bitcoin within just 96 hours. Among these transactions, Bitcoin miner Marathon Digital purchased 5,771 BTC, equivalent to $572 million, at an average price of $95,554 per coin.
While the current Bitcoin price range may represent a local peak, many experts believe there is still room for growth. Asset manager VanEck recently voiced the opinion that $100,000 is merely the beginning, with predictions suggesting Bitcoin could soar as high as $180,000.
Could Today Be the Day Bitcoin Reaches $100,000?
Crypto analyst Ali Martinez has predicted that today might be the day Bitcoin finally achieves the much-anticipated $100,000 milestone. His analysis stems from the SuperTrend indicator, which has turned bullish on the Bitcoin hourly chart following a breakout through the resistance trendline and a favorable Relative Strength Index (RSI).
Long-Term Outlook and Market Cycle
In a separate analysis, Martinez suggested that $100,000 may not represent the cycle top for Bitcoin during this bull run. He points to signs of increasing greed among long-term Bitcoin holders, historically indicating that it could take 8-11 months for Bitcoin to reach a market peak.
Should this historical trend persist, Bitcoin’s price could peak between June and September 2025. Other analysts, such as Rekt Capital, share this sentiment, viewing this period as a potential zenith for Bitcoin in the current bull market.
As of the time of writing, Bitcoin is trading at approximately $98,300, showing an upward trend over the last 24 hours, according to data from CoinMarketCap.
