Bitcoin briefly reached 64,000 USD earlier, but then plummeted below 59,000 USD! Just last night, Daniel Yan, co-founder of Matrixport, warned that Bitcoin has reached a cautionary high point and predicted a healthy 15% correction by the end of April.
Summary:
Bitcoin experiences a major price drop, falling below 59,000 and causing over 180,000 people to liquidate their positions, resulting in a loss of over 700 million USD.
Background:
Bitcoin continues to rise, breaking through 59,000 USD. Wall Street investment bank Benchmark predicts it will reach 125,000 USD by the end of next year.
Table of Contents:
Matrixport founder Daniel Yan: Bitcoin may experience a 15% drop in April
On February 28, GBTC experienced a 216 million USD outflow
IntoTheBlock: Retail investors’ participation in Bitcoin decreases after it surpasses 60,000 USD
Bitcoin broke through multiple important price levels last night and reached 64,000 USD around 01:15 today, with a daily increase of up to 13%.
However, the price of Bitcoin suddenly dropped dramatically, reaching a low of 58,770 USD within half an hour. The volatility was significant. According to Coinglass data, in the past 24 hours, the total amount of liquidations in the cryptocurrency market exceeded 730 million USD, and the number of people liquidated reached an astonishing 180,000.
Source: Binance Spot
Matrixport founder Daniel Yan predicts a 15% healthy correction for Bitcoin in April.
Regarding the future trend of Bitcoin after surpassing 60,000 USD, Daniel Yan, co-founder of Matrixport, expressed caution on the social platform X last night. He believes that the current market sentiment has reached a level where caution should be exercised. He also predicts a healthy 15% correction for Bitcoin shortly after the halving event in late April.
Yan also pointed out that this correction is expected to start in March, as March is considered a relatively fragile month for the cryptocurrency market.
As Bitcoin broke through 60,000 USD, Farside data shows that on February 28, GBTC experienced a significant outflow of 216 million USD, marking the highest outflow for a single day in February.
Furthermore, according to analysts from IntoTheBlock, on-chain data and internet search trends indicate that retail investors’ participation decreases after Bitcoin surpasses 60,000 USD. This suggests that the influence of institutions on Bitcoin’s price is gradually strengthening.
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