As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I must admit that the recent market events surrounding Bitcoin have been nothing short of exhilarating. The rapid rise and subsequent drop below the $100,000 psychological level is a testament to the unpredictable nature of this digital gold rush.
Yesterday, Bitcoin dipped below the significant $100,000 threshold following its record high, and as a result, trading in the Bitcoin market led to over half a billion dollars in losses within a single day.
On December 5th, a staggering $565 million worth of crypto assets were liquidated, particularly in the Bitcoin market, as the price skyrocketed to an unprecedented high of $103,900.
Today’s market liquidations summed up to a staggering $1.09 billion, primarily driven by Bitcoin with a massive contribution of $120 million. Other cryptocurrencies such as Ethereum (ETH) followed suit with $107 million, while Ripple‘s token (XRP) also played a significant role with $54 million in liquidations.
In his recent post on December 6th, MacroCRG refers to the current event as “the largest market sell-off since August”. Meanwhile, Felix Hartmann, managing partner of Hartmann Capital, expressed in his post that this initial market correction after hitting a new high price has approximately a 70% chance of ending and a 30% probability of continuing downward.
Bitcoin price movement and projection
Following several turbulent pricing periods, Bitcoin surpassed the $98,000 mark the day prior. Surprisingly, its value breached the anticipated $100,000 threshold, an event that many had predicted would occur by the end of 2024.
The price rose again and made a new all-time high of $103,900 after a surge of more than 5% in a day. The U.S. President-elect Donald Trump even celebrates the event by congratulating the Bitcoiners on his X’s post.
Celebrations for Bitcoiners! Reaching $100,000! Thank you! Join us as we strive to Make America Strong Again!
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) December 5, 2024
Market indications indicate continued excitement, but reaching the projected price point by Bernstein Research ($200,000 in 2025) is still a distant goal. Previously set at $150,000, this optimistic forecast has been revised upward due to increased institutional demand across various regions.
Charles Hoskinson, the founder of Cardano, predicts that the value could reach as high as $250,000 within the next two years. However, he suggests that this might be a conservative estimate, with his most optimistic projection setting the price at an impressive $500,000.
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2024-12-06 04:16