Traders in the cryptocurrency market have faced a turbulent start to the week, with over $500 million liquidated in the last 24 hours due to the fluctuating Bitcoin price. According to data from Coinglass, long traders bore the brunt of the losses, with over $366 million in long positions liquidated, while short positions saw liquidations totaling over $129 million.
The Bitcoin price experienced a significant drop from around $98,000 to as low as $95,500 on Sunday, before rebounding back above $98,000. This volatility has been a recurring theme since Bitcoin came close to the $100,000 milestone on November 23. The price fluctuations have led to mass liquidations as traders grapple with predicting the future direction of the flagship cryptocurrency.
Despite the pullbacks, some whales remain bullish on Bitcoin, as evidenced by significant purchases of $3.96 billion worth of BTC in 96 hours. Notably, Marathon Digital, a prominent Bitcoin miner, acquired 5,771 BTC ($572 million) at an average price of $95,554 per BTC. This accumulation suggests confidence in Bitcoin’s long-term potential, with predictions from asset manager VanEck indicating a potential price target of $180,000.
Crypto analyst Ali Martinez has suggested that today could be the day Bitcoin reaches the highly anticipated $100,000 milestone. He pointed to bullish indicators on the Bitcoin hourly chart, including the SuperTrend indicator and the Relative Strength Index (RSI). Martinez also opined that $100,000 may not mark the cycle top for Bitcoin in this bull run, citing signs of growing greed among long-term Bitcoin holders.
Looking ahead, historical trends indicate that Bitcoin’s price peak could occur between June and September 2025, based on previous market cycles. Analysts like Rekt Capital have also speculated that this timeframe may signal the peak for Bitcoin in the current bull run. At the time of writing, Bitcoin is trading around $98,300, showing upward momentum in the past 24 hours.
As the cryptocurrency market continues to experience volatility, traders and investors remain vigilant in navigating the fluctuations and seizing opportunities for growth. The path to $100,000 and beyond for Bitcoin remains uncertain, but the market’s resilience and bullish sentiment suggest that exciting developments lie ahead.