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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report
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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Over $500 Million Wiped Out From The Market As Bitcoin Price Fluctuates Heavily

Scott Matherson
Scott Matherson
Last Updated: November 25, 2024 5:00 pm
3 mins read
Bitcoin price target

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Traders have had a torrid start to the week, as over $500 million has been liquidated from the crypto market in the last 24 hours. This has been due to the Bitcoin price, which has continued to fluctuate heavily in recent times. 

$500 Million Liquidated As Bitcoin Price Fluctuates

Coinglass data shows that over $500 million was liquidated from the crypto market in the last 24 hours as the Bitcoin price fluctuates. Long traders suffered the most loss, with over $366 million in long positions liquidated. Meanwhile, over $129 million in short positions were liquidated in the last 24 hours. 

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This came as the Bitcoin price dropped significantly from around $98,000 to as low as $95,500 on Sunday. Bitcoin has since recovered and is back again over $98,000. This heavy BTC price fluctuation has been the case since the flagship crypto came close to hitting the $100,000 milestone on November 23. 

The Bitcoin price has since witnessed major pullbacks followed by a sharp rebound, leading to mass liquidations as traders struggle to determine the future trajectory of the flagship crypto. These pullbacks have come as investors look to secure profits, seeing as the flagship crypto is approaching this psychological $100,000 price level. 

However, some whales remain undeterred as they recently bought $3.96 billion BTC in 96 hours. Notably, Bitcoin miner Marathon Digital bought 5,771 BTC ($572 million) at an average price of 95,554 per BTC. 

Although this Bitcoin price range might be the local top, the flagship crypto is still expected to go higher, which explains why these whales are still actively accumulating more BTC. Asset manager VanEck recently stated that $100,000 is only the beginning and predicted that Bitcoin could still reach as high as $180,000. 

Today Could Be The Day

Crypto analyst Ali Martinez recently predicted that today could be the day the Bitcoin price finally reaches the much-anticipated $100,000 milestone. This came as he revealed that the SuperTrend indicator had flipped bullish on the Bitcoin hourly chart as prices broke through the resistance trendline and the Relative Strength Index (RSI). 

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In another X post, Martinez suggested that $100,000 won’t be the cycle top for the Bitcoin price in this bull run. He stated that long-term Bitcoin holders are showing signs of growing greed. The analyst claimed that historically, this suggests that it could take 8-11 months for Bitcoin to hit a market top. 

If this historic trend continues, the Bitcoin price could peak between June and September 2025. Crypto analysts like Rekt Capital have also predicted that this period could mark the peak for Bitcoin in this bull run.

At the time of writing, the Bitcoin price is trading at around $98,300, up in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com
BTC price struggles at $98,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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