In a shocking turn of events, Bitcoin has dropped below the $100,000 psychological barrier, trading at around $97,487 after reaching an unprecedented all-time high of $103,900 just a day prior. On December 5, 2024, the cryptocurrency experienced massive market liquidations, totaling a staggering $565 million in just 24 hours, illustrating the volatility that characterizes the crypto market.
The liquidations primarily affected long positions, which accounted for over $814 million of the total. In total, over 208,505 traders faced liquidation, indicating widespread turmoil within the market. Notably, the largest single liquidation event occurred on the OKX platform, where nearly $18.94 million was lost in a single transaction. This event marks the largest liquidation occurrence since August, as noted by various market analysts.
Following a prolonged period of stable pricing, Bitcoin’s sudden surge beyond the $100,000 mark was met with excitement among investors and market enthusiasts alike. As the U.S. President-elect Donald Trump congratulated Bitcoiners on reaching this milestone via social media, many hoped this could ignite a full-blown bull run. Yet, the reality proved more complex, as the market swiftly corrected its course.
In light of the recent fluctuations, experts are weighing in on Bitcoin’s future trajectory. Some of the most optimistic projections from analysts and influential figures in the crypto community suggest targets as high as $250,000 to $500,000 within the next two years. Bernstein Research has set a bullish target of $200,000 for 2025, while Cardano’s founder, Charles Hoskinson, believes this target is conservative.
Investors should remain vigilant amid this turbulence, as market dynamics continue to evolve. With Bitcoin currently holding a market cap exceeding $1.92 trillion and daily trading volumes around $180 billion, the foundation for significant price movements remains intact. However, as the recent liquidation indicates, trader sentiment can shift rapidly, underscoring the importance of strategic investment decisions.
