The recent turmoil in the cryptocurrency markets has been a cause for concern as Bitcoin (BTC) experienced a sharp drop from the $100,000 level. Market intelligence platform Coinglass reported a staggering $862.4 million in liquidations over the past two days, with many traders being caught on the wrong side of bets on Bitcoin’s price movement.
After briefly reclaiming the $102,000 level on Monday, Bitcoin has since tumbled to $92,721 at the time of writing, marking a 4.7% decrease in the last 24 hours. Renowned analyst Rekt Capital, known for accurately predicting Bitcoin’s pre-halving correction last year, has cautioned his followers on social media platform X about the potential for further downside before a possible recovery.
According to Rekt Capital, Bitcoin may undergo a significant retracement that could lead many to believe the bull market is over, only to resume its upward trajectory afterwards. The analyst also highlighted the volatility in the market for the remainder of the week, especially after Bitcoin failed to convert a crucial resistance level into support.
Looking ahead, Rekt Capital predicts that Bitcoin could enter a bear market later this year, following the traditional halving cycle. He anticipates that the bear market could extend into 2026, with the peak of the bull market expected in 2025 and a prolonged downturn in 2026.
As the cryptocurrency market continues to navigate through uncertain waters, it is essential for investors to stay informed and monitor price action closely. Subscribing to email alerts and following reputable sources on social media platforms like X, Facebook, and Telegram can help individuals stay updated on the latest developments in the crypto space.
In conclusion, while the recent liquidations and price fluctuations in Bitcoin may be cause for concern, it is crucial for investors to remain vigilant and adapt to the ever-changing landscape of the cryptocurrency market. By staying informed and being prepared for potential market shifts, individuals can navigate through challenging times and capitalize on opportunities for growth in the long term.