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Bitcoin and Altcoins will fall further, warns new crypto price prediction

Bitcoin By
Charts Hint At Brewing Bitcoin Rally To New All-time Highs
Charts Hint At Brewing Bitcoin Rally To New All-time Highs

Important points

  • The biggest crypto liquidation in history has caused Bitcoin and altcoins to tumble.

  • BTC’s price has failed to show a recovery from its multi-week lows. However, $100,000 is getting closer.

  • Crypto is the beginning of a “cleanse” One trader claims that bull market euphoria is sweeping the world.

BitcoinBTC() “pressured” $110,000 in support Saturday, as dust settled after a $20 billion record liquidation.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Trader sees beginning of “crypto cleanse”

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView BTC/USD struggled to recover after hitting three-week lows at Bitstamp.

Markets are jittery over US-China Trade War punished risk assets Across the board. The S&P 500 closed down 2.7% Friday, while gold emerged as a rare beneficiary, heading back above $4,000 per ounce.

XAU/USD one-hour chart. Source: Cointelegraph/TradingView

Bitcoin’s relative Strength Index (RSI) became deeply “oversold.” Four-hour RSI levels were at the highest since the inception of the trade war debacle In February,

BTC/USD daily chart with 4-hour RSI. Source: Cointelegraph/TradingView

“Seeing a lot of short positioning rolling off here aggregately,” Trader Skew wrote In ongoing coverage of X.

“Some passive buying ongoing mostly via coinbase spot (bit of a coinbase premium atm too). Spreads across the board are still super wide, MMs probably assessing damage before liquidity returns much later.”

Skew said that the crypto markets, even those with major exchanges, had suffered during this period of volatility.

Roman was a fellow trader who had a cautious attitude towards the strength of the bull market In recent weeks it was predicted that there would be new lows.

“This isn’t the bottom,” He told X-Followers 

“There’s over 30m $alt coins that are mostly scam projects. $BTC also went up 700% from its macro bottom. The long awaited crypto cleanse has begun.”

Altcoin market cap total (without top 10 chart) for one week. Source: Cointelegraph/TradingView

Liquidations “likely much higher” Over $20 billion

The crypto market has never before seen a bull run that caused such a severe loss for traders.

Related: Bitcoin may get ‘dragged around a bit’ amid Trump tariff fears: Exec

The Data of CoinGlass It is estimated that the 24-hour liquidity reached almost $20 billion. Long positions accounted for nearly all of it.

“The actual total is likely much higher — Binance only reports one liquidation order per second,” CoinGlass said Figures X and Y.

Source: CoinGlass (screenshot). Source: CoinGlass

Exchange order-book liquidity showed a severe imbalance between bids and asks — resistance was stacked around $120,000, while little support was in place to prevent a fresh dive toward the $100,000 mark.

BTC liquidation heatmap. Source: CoinGlass

Earlier, Cointelegraph reported Expectations that BTC/USD will revisit the bottom range at $108,000 in “ping pongPrices are being lowered.

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.