Bitcoin drop to $97k as the market liquidated $565 million

Bitcoin has fallen below the psychological $100,000 level after reaching an all-time high yesterday; The Bitcoin market liquidated more than half a billion dollars in just one day.

In the cryptocurrency market, Bitcoin (BTC) alone witnessed massive market liquidations of up to $565 million, with the cryptocurrency reaching an all-time high of $103,900 on December 05.

The day’s market liquidations totaled $1.09 billion; This was led by Bitcoin and other cryptocurrencies followed; others had $120 million, Ethereum (ETH) $107 million, and Ripple’s token (XRP) $54 million.

24-Hour Market Liquidation Map, 06 December 2024 | Source: CoinGlass

In the liquidations, long positions dominated over $814 million, while short positions were $280 million and 208,505 investors were liquidated. OKX saw the largest single liquidation of $18.94 million.

MacroCRG says in its December 06 Felix Hartmann, managing partner of Hartmann Capital, also noted in his X post that this initial fluctuation in the market after reaching the new price has a 70% chance of ending and a 30% lower chance.

Bitcoin price movement and projection

After weeks of price decline, Bitcoin reached the $98,000 level yesterday. The price suddenly broke the $100,000 target as the breakout is expected to occur before the end of 2024.

The price rose again and reached an all-time high of $103,900 after rising more than 5% in one day. Even US President-elect Donald Trump celebrates the event by congratulating Bitcoin enthusiasts for X’s post.

CONGRATULATIONS Bitcoiners!!! $100,000!!! YOU’RE WELCOME!!! Together We Will Make America Great Again!

Donald Trump Truth Social 07:55 EST 12/05/24 @realdonaldtrump

— Donald J. Trump Posts from His Truth Social (@TrumpDailyPosts) December 5, 2024

Liquidations show market enthusiasts but another price target is still a long way to go. Bernstein Research has an ambitious bullish target price of $200,000 for 2025.

Cardano founder Charles Hoskinson predicts that the price will rise to $250,000 in just 2 years. He believes the target price is the lowest achievable target but $500,000 is the highest target.