Famous Analyst Warns Followers of Massive Drop in Bitcoin (BTC) Prices

  • The crypto market’s overall valuation fell back below $2 trillion on Saturday.
  • Bitcoin is down 0.84% in the last 24 hours.

There were several significant liquidations in the market due to Bitcoin’s (BTC) sudden fall from its 2022 high. This year witnessed the largest liquidation of long holdings, which had been anticipating a bottom in the token’s price.

In a little more than a week, BTC plummeted from approximately $48,000, which was its highest level of the year, to $42,400. The steep drop in the token’s value may be traced to the Federal Reserve’s rigorous price-control policies and increased anxiety about inflation this year. The crypto market’s overall valuation fell back below $2 trillion on Saturday as the token’s price fell.

$101M in Long Positions Liquidated

More long positions were liquidated than since mid-January when bitcoin fell below $45,000, a critical support level. When the token went below the support level on Wednesday, almost $101 million in long positions were liquidated, according to data from Coinglass. Famous crypto analyst Crypto Rover tweeted with a chart warning followers that Bitcoin will fall greatly.

Over the last six days, long bets worth $222 million have been liquidated. The statistics indicated that many traders expecting greater BTC profits were caught off guard by the token’s decline. Even on a typical Saturday, when trading activity is typically low in the crypto market, BTC longs were being sold at a huge rate. 73% of the $64 million in BTC holdings liquidated in the last day were long.

According to CoinMarketCap, the Bitcoin price today is $42,593.93 USD with a 24-hour trading volume of $19,757,166,323 USD. Bitcoin is down 0.84% in the last 24 hours.

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