What to Anticipate Next as Bitcoin Price Faces Potential Decline to $60K
Major sell-offs occurred within a single day, resulting in the liquidation of assets worth over $680 million and impacting 193,000 investors. Captain Faibik, a well-known crypto analyst, predicts that Bitcoin (BTC) may experience a dip to $60,000 before the Halving Rally. The price of Bitcoin dropped to $66,699, the lowest since March 5, but quickly recovered and rose above $67,730. Despite this, the Bitcoin Bull Rally seems to be losing momentum.
Amidst this volatility, a significant amount of assets, totaling $680 million, have been liquidated. Experts anticipate further price drops, with predictions of Bitcoin potentially plummeting to the $60,000 level before the Halving Rally.
According to Coinglass, the drop in Bitcoin’s price has triggered a substantial liquidation event throughout the entire network. In the past 24 hours, an astonishing $680 million worth of assets have been liquidated, with a significant portion of $545 million originating from long orders and $134.6 million from shorts.
This widespread liquidation has affected a total of 193,270 individuals within the cryptocurrency community. Notably, one of the largest liquidation orders occurred on the OKX – BTC – USDT-SWAP platform, amounting to an impressive $13.3 million.
Renowned crypto analyst Captain Faibik recently issued a warning about Bitcoin’s short-term direction, particularly within the 2-hour timeframe. He pointed out a confirmed Rising Wedge Downside Breakout, indicating a potential drop in Bitcoin’s price. Faibik predicts that this drop may cause Bitcoin’s price to test the $60,000 level before rebounding, suggesting an imminent correction in the market prior to the Halving Rally.
Supporting Faibik’s analysis is the MVRV (Market Value to Realized Value) indicator, commonly used to forecast Bitcoin’s price movements. Currently, the indicator signals a potential test of the 2.4 MVRV level, which is approximately $60,000. This further strengthens the expectation of an upcoming correction in Bitcoin’s price.
Another crypto analyst, CrediBULL Crypto, shares a bearish outlook on Bitcoin, highlighting the absence of expected price increases in the current market. Despite recent drops reducing Open Interest (OI), CrediBULL Crypto predicts further downward movement before reaching a “baseline.”
Analysts also identify a support level near $63,000 to $64,000, referred to as the “green zone,” where a rebound may occur alongside a reduction in Open Interest.