Bitcoin Price Crash May Lead to $15 Billion Liquidation on Binance

Article Highlights
The crypto market experienced a volatile day with over $230 million in liquidations
Analysts have mixed opinions on the possibility of a crash and the long-term growth potential of Bitcoin
Bitcoin’s price remains significantly higher year-to-date, indicating continued investor interest
The past 24 hours have been tumultuous for the cryptocurrency market, resulting in a staggering $230.18 million worth of assets being liquidated and leaving 74,741 traders feeling the pressure. The major players in this chaos were Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

Leading the charge in terms of liquidations was Binance, with $90.72 million, closely followed by OKX and Bybit at $84.81 million and $25.91 million, respectively. The largest single liquidation amounted to $5.40 million.

Now the question arises: is this just a temporary setback, or are we heading towards a major crash? Let’s delve into the crypto market and analyze the situation.

A Market in Turmoil
Cryptocurrency expert Ali Martinez issued a serious warning about the massive liquidations on Binance, which were triggered by the possibility of Bitcoin dropping to $50,500. Over the past day, $89 million worth of assets were liquidated, with $66.39 million from long positions and $22.61 million from short positions. These figures illustrate the inherent risks of trading, regardless of whether one is bullish or bearish on the market.

#Bitcoin dropping to $50,500 will result in over $15 billion in liquidations on #Binance alone! pic.twitter.com/9wQTVwprgx

— Ali (@ali_charts) April 17, 2024

Martinez painted a bleak picture, suggesting that Bitcoin could fall to a range between $56,200 and $51,600 if it breaks the support level. However, there is hope if it manages to stay above $72,400, with potential targets of $79,000 and $86,000.

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Taking a Broader Perspective
As the halving event draws near, concerns about a drop in Bitcoin’s price have arisen. Research firm 10x Research warned about the possibility of a significant decline in prices for risky assets, citing factors such as inflation and tensions in the Middle East. These issues have an impact not only on cryptocurrencies but also on traditional assets like stocks.

However, there is also positive news to consider. The recent approval of Bitcoin and Ethereum ETFs in Hong Kong has injected new hope into the market. Bloomberg Senior ETF analyst Eric Balchunas predicts that these ETFs could attract $1 billion in investments within two years, indicating the interest of major investors in the crypto space.

Read More:
Bitcoin Halving 2024: How Will It Impact Your Bitcoin ETFs?

A Glimpse into the Future
But what about the ups and downs that are characteristic of the crypto market? Some prominent figures in the industry view them as part of the game. Venture capitalist Tim Draper remains confident in Bitcoin’s growth and predicts that it will reach $250,000 by the end of 2024. Taking a more optimistic stance, crypto expert Willy Woo believes that Bitcoin could reach a peak of $650,000 and a low of $91,000.

The new #Bitcoin ETFs bring price targets of $91k at the bear market bottom and $650k at the bull market top once ETF investors have fully deployed according to asset manager recommendations***. These are very conservative numbers. #Bitcoin will beat gold cap when ETFs have… — Willy Woo (@woonomic) April 15, 2024

Despite the recent tumultuous events, Bitcoin’s price remains steady at $61,371, with a remarkable increase of 38.94% so far this year. This demonstrates that there is still significant interest in cryptocurrency, regardless of market fluctuations.

As the world of digital currency continues to evolve, one thing is certain: expect the unexpected.

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Bitcoin
Price Analysis