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The Bitcoin (BTC) Price Drop May Lead To $250 Million Liquidation

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The Bitcoin (BTC) Price Drop May Lead To $250 Million Liquidation

(CTN News) – Recently, Bitcoin’s (BTC) price has been corrected severely, making it the world’s oldest and largest cryptocurrency.

In the wake of the Spot ETFs going live, a bearish turn occurred. BTC’s price initially propelled up to $49,000, but it ultimately plummeted below $43,000.

Bitcoin’s price is expected to decline further amid uncertainty around its price. Further, he warned against major liquidations of long positions after the BTC price drops below $42,000.

Bitcoin Long Liquidation Is Coming

A renowned crypto analyst on social media, Crypto Rover, shared a snapshot of the Liquidation Heatmap on X. Further, he noted that long positions worth $250 million would be liquidated after Bitcoin price drops to $41,900. Crypto’s value may fall even further due to the major selloff.

The analyst Kripto Kurdu Global predicted that a higher level of liquidation would take place earlier. As Bitcoin traded between $46,000 and $49,000 after ETF approval, an analyst stated that fell to $42,967, a huge $3.14 billion long liquidation would occur.

There is already a price difference between the current price and the target he mentioned. According to Coinglass data, only $59 million worth of long positions were liquidated in the last 24 hours.

Additionally, Crypto Rover’s expectations seem reasonable in light of a humongous $900 million liquidation before the Spot ETF approval.

Crypto Rover also revealed in his latest YouTube video that he is currently selling a significant amount of his holdings. As a result, he plans to invest the funds into Ethereum (ETH), as he believes it will have a greater upside than Bitcoin. In addition to a major Ethereum upgrade, seven Spot Ethereum ETFs are expected to go live in four months, the analyst explained.

Will Bitcoin’s price drop below $40K?

Bitcoin is currently trading around $42,600, succumbing to several red sessions after the ETF approval, and has a market capitalization of $835.68 billion.

In the time it took to write this, price was $42,605.27, down 0.84% from Wednesday, January 17. BTC’s trade volume jumped by 17.76% to $24.67 billion.

In a recent video, Crypto Rover hinted at a Bitcoin price correction below $40,000. Almost 10% decline from current prices is indicated by the analyst’s buy zone for BTC around $38,700. While he noted that before the correction, BTC could reach $44,500.

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