Bitcoin drop to $97k as the market liquidated $565 million

Bitcoin shrank under the $100,000 psychological level after hitting a new all-time high yesterday; the Bitcoin market was liquidated to more than half of a billion dollars just in a day.

The crypto market has seen massive market liquidations of up to $565 million on Bitcoin (BTC) alone, as the coin reached a new all-time high of $103,900 on Dec. 05.

The total of the day’s market liquidations reached $1.09 billion, which was led by Bitcoin and followed by other crypto, including others’s $120 million, Ethereum (ETH) $107 million, and Ripple’s token (XRP) $54 million.

24 Hours Market Liquidations Map, December 06, 2024 | Source: CoinGlass

MacroCRG, in his X post on Dec. 06, says this is “the biggest liquidation event since August”. The managing partner of Hartmann Capital, Felix Hartmann, in his X post, also noted that this first flush of the market after reaching the new price had a 70% chance to end and 30% to go lower.

Bitcoin price movement and projection

After weeks of stumbled price, Bitcoin reached the $98,000 level yesterday. Suddenly, the price breaks the target of $100,000 as the market expected to happen before 2024 end.

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.

The liquidations show the market enthusiast, but another price target is still a long way to go. Bernstein Research has an ambitious, bullish target price for 2025 of $200,000. This projection has been updated from $150,000 due to the rise in institutional demand in many places.

Founder of Cardano Charles Hoskinson projects that the price would rise up to $250,000 in just 2 years. He believes that the target price is the lowest target to achieve, yet the highest target is $500,000.