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Bitcoin price has dropped almost 4% in the last 24 hours to trade at $42,323 as of 4:22 a.m. EST as trading volume surged 79% to $26.4 billion.
The tumble, which saw the king of cryptocurrency tag the $40,000 psychological level briefly, wiped out almost $206 million in positions from the market.
Specifically, $197.366 million worth of long positions were liquidated alongside $8.23 million short positions.
The week is off to a volatile start, with the US Consumer Price Index (CPI) and Fed’s interest rate decision slated for later in the week expected to spur even more volatility.
The drop, witnessed during the early hours of the Asian session, also wiped $1.2 billion in open interest, which currently sits at $19.50 billion.
Meanwhile, former Goldman Sachs executive Raoul Pal, now CEO of Real Vision, forecasts Bitcoin price surging to between $100,000 and as high as $200,000 in the next bull run. Notably, this cycle is expected to start after the BTC halving in April, an event that has historically kick-started bull cycles.
The prediction came during a recent interview on the Unchained Crypto YouTube channel with Laura Shin. According to Pal, Bitcoin price is likely to display a traditional cycle, rallying somewhere between $100,000 and $200,000. That outcome he sees having a 60% probability.
This is among the three possible outcomes the ex-Goldman Sachs executive “is juggling with,” with the other one being a 20% chance of unfolding, such that there is a massive influx of money into the crypto sector, potentially initiating “a bigger-than-expected bull run.”
Lastly, Pal is also grappling with the possibility that the “whole cycle is front-loaded and, it’s shorter, but more violent in 2024.”
Bitcoin Price Outlook: Evaluating The 4% Plunge In BTC
Bitcoin price was earlier testing the midpoint of the 77% crash recorded during the bear market. The level is critical, pivotal to be specific, with a high likelihood of triggering massive take profits or sell orders. The result of this is widespread liquidations.
As such, Bitcoin price could likely consolidate around this level even as the bulls and bears engage in a tug of war.
Meanwhile, the people’s crypto continues to confront the midline of a supply barrier at $43,860. A break and close above this level would confirm the continuation of the primary trend.
The upside potential remains alive for Bitcoin price, as suggested by the position of the Relative Strength Index (RSI) above 50. The histogram bars of the Awesome Oscillator (AO) also add credence to the bullish thesis, showing green histogram bars in the positive territory.
Increased buying pressure could see Bitcoin price flip the weekly supply barrier into a bullish breaker even as it extend to the next key barrier at $54,763. In a highly bullish case, the gains could extrapolate for BTC to test the $60,098 range high, last tested in November 2021. Such a move would denote a 60% climb above current levels.
Further, a comparison of the ongoing Bitcoin price action and the one recorded during the last two cycles shows that there is no threat of a major bull market correction for Bitcoin price. This is until it tags the 61.8% Fibonacci retracement level of $48,725.
It is imperative that investors exercise caution following the move recorded today as it caught many greedy investors off-guard. The likely place for market-wide profit taking to occur will be the $50,000 psychological level, standing 15% above current levels.
Converse Case
On the flip side, if the weekly supply zone holds as a resistance order block, Bitcoin price could pull south. The slump could see BTC lose the support offered by the $40,000 psychological level or in a dire case, extend to test the centerline of the Bollinger indicator at $31,776.
A break and close below this level could send BTC to the $30,000 psychological level, with a flip of this key level invalidating the current bullish outlook.
Meanwhile, with Bitcoin price trading within a weekly supply zone and with a strong bullish outlook, BTCMTX presents itself as a worthy buy. It provides entry into a stake-to-mine ecosystem, committed to making BTC ownership a reality even for the common folk.
Promising Alternative To Bitcoin
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— Bitcoinminetrix (@bitcoinminetrix) December 9, 2023
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— Bitcoinminetrix (@bitcoinminetrix) December 7, 2023
The Bitcoin Minetrix project presale is still ongoing, recording upwards of $5.151 million in the current stage, steadily edging towards the $5.828 million mark.
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— Bitcoinminetrix (@bitcoinminetrix) December 7, 2023
Breaching the $5 million mark is no mean feat, which is why the BTCMTX has initiated a competition to celebrate the achievement. Participants are asked to create their most unique BTCMTX Christmas Graphic/Image or Video and share it. The top 3 submissions stand a chance to win a cash prize.
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— Bitcoinminetrix (@bitcoinminetrix) December 8, 2023
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Also Read:
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- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
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