Bitcoin Price At Risk of Dropping To $60K – What to Expect Next

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The Bitcoin Bull Rally appears to be losing steam as Bitcoin (BTC) plunges to $66,699, marking an 8.2% drop in the last 24 hours. However, the cryptocurrency quickly bounced back above $67,730, maintaining a market cap of $1.322 trillion. 

Amidst this volatility, over $680 million in assets have been liquidated. Experts foresee more price drops ahead, with predictions of Bitcoin plummeting to the $60k price level possibly before the Halving Rally.

$680 Million Aassets Liquidated

The Bitcoin price drop has prompted a significant liquidation event across the entire network, as reported by Coinglass. Over the last 24 hours, a staggering $680 million worth of assets have been liquidated, with a substantial portion of $545 million originating from long orders while $134.6 million in shorts has been liquidated. 

This widespread liquidation has affected a total of 193,270 individuals within the cryptocurrency community. However, one of the most significant liquidation orders occurred on the OKX – BTC -USDT-SWAP platform, amounting to a substantial $13.3 million.

BTC Price Dip Ahead

Renowned crypto analyst Captain Faibik recently warned investors about Bitcoin’s short-term direction, particularly on the 2-hour timeframe. He highlighted a confirmed Rising Wedge Downside Breakout, suggesting a likely drop in Bitcoin’s price.

Additionally, Faibik predicts this drop might lead Bitcoin’s price to test the $60k level before rebounding. This suggests an imminent correction in the market, possibly before the Halving Rally.

Supporting Faibik’s analysis is the MVRV (Market Value to Realized Value) indicator, commonly used to predict Bitcoin’s price movements. Presently, the indicator signals a potential test of the 2.4 MVRV level, approximately $60k. This strengthens the expectation of an upcoming correction in Bitcoin’s price.

Bearish Cloud on Bitcoin

Another crypto analyst, CrediBULL Crypto, shares a bearish outlook on Bitcoin. He highlights the absence of expected price increases in the current market. Despite recent drops reducing Open Interest (OI), CrediBULL Crypto predicts more downward movement before a “baseline.” 

Meanwhile, analysts further pinpoint a support level near $63,000 to $64,000, dubbed the “green zone,” where a rebound may occur alongside OI reduction.