Bitcoin (BTC) finally crossed the long-awaited $100,000 mark on December 5, only to quickly lose it in a 24-hour “pump and dump.” The price action has moved hundreds of billions of dollars up and down within a day, liquidating nearly $500 million.
In a remarkable show of volatility, Bitcoin pumped from $98,100 to $104,100, dumped to $91,950 and pumped again above $98,000 – all in 24 hours. From the new all-time high (ATH) to the pump-and-dump local bottom, BTC moved approximately $240 billion in market cap.
As of this writing, the leading cryptocurrency trades at $98,296, returning to its consolidation range before the action.
Nearly $500 million in BTC liquidations within a 24-hour pump and dump
Notably, Bitcoin’s 24-hour pump and dump around the $100k mark has liquidated $486.92 million worth of trading positions. The bulls (long-position traders) were the most affected during the action, losing $416.79 million of BTC in 24 hours.
According to data from CoinGlass, the largest single liquidation order was a $18.94 million BTC-USDT-SWAP order on OKX.
Moreover, Bitcoin dominated the crypto liquidations by 54.5%, and altcoins held strong during BTC’s 24-hour pump and dump. Nevertheless, a total of 165,955 traders were affected in the leveraged market, losing over $892 million to liquidations.
Bitcoin price prediction moving forward the volatility
As things develop, Finbold has reported different price predictions for Bitcoin, which align for an overall bullish outlook. So, despite the recent pump and dump that suggested weakness above $100,000, analysts are optimistic about what is next.
First, an exclusive Finbold report analyzed Bitcoin’s monthly historical price action in December since 2013, forecasting a positive outlook. According to this prediction, BTC will trade between $94,782 and $101,273 by the end of 2024.
Looking further, TradingShot identified a chart pattern that could put Bitcoin at $140,000 by February 2025. Meanwhile, the financial giant Standard Chartered sees BTC trading at $200,000 by the end of 2025 after correctly calling the $100k this year.
However, Bitcoin’s volatility can still cause investors to see more “pump and dump” events, such as yesterday’s. On that note, the best-selling author Robert Kiyosaki believes that these BTC crashes offer opportunities for accumulation. Yet, investors and traders should be cautious and avoid losing money to market liquidations, having a solid plan on Bitcoin.
Featured image from Shutterstock.
Read the full article here
