- Bitcoin’s key liquidation levels were $66,700 on the higher side and $65,450 on the lower side.
- However, historical data suggested that Bitcoin could fall towards the $63,000 level.
The overall cryptocurrency market experienced massive selling pressure, much like Bitcoin [BTC]the world’s largest cryptocurrency, slid to the $65,500 level.
Amid this price drop, former hedge fund manager James Lavish posted a message on
What will it take for BTC to reach $428,000?
According to GenerousToday’s total investment assets in the world are $900 trillion, and BTC is only 0.15% of the total, at $67,000. If BTC gets hold of just 1% of these assets, its value could soar to a massive level of $428,000.
In addition to this insight, investors and whales also looked positively at Bitcoin. Recently, crypto analyst Julien Bittel predicted that BTC could reach the $190,000 mark.
He explained that the current Bollinger Band Indicator was completely compressed, which could cause a significant bull run.
Additionally, whales have amassed a significant 5,900 BTC, worth $397 million, as reported by AMBCrypto on July 30.
Price-performance analysis
At the time of writing, BTC was trading around the $66,000 level and has experienced a price drop of 1.35% over the past 24 hours. Trading volume also fell by 28% over the same period.
The drop in trading volume indicates lower participation from traders and investors.
Similarly, BTC’s Open Interest (OI) fell 4%, indicating fear in the market, according to analytics firm CoinGlass.
While the key liquidation levels were $66,700 on the higher side and $65,450 on the lower side.
Source: CoinGlass
If market sentiment remains unchanged and BTC falls to the $65,450 level, $275 million in long positions will be liquidated.
On the other hand, if sentiment changes and the BTC price rises to the $66,700 level, $233 million worth of short positions will be liquidated.
Bitcoin price prediction
According to expert technical analysis, BTC was looking bearish at the time of writing and could reach the $63,300 level in the coming days.
The possible reason behind this bearishness is the recent price rejection from a strong resistance level at $70,000.
Source: TradingView
Read Bitcoin’s [BTC] Price forecast 2024-25
Historical data shows that BTC has reached this level five times since March 2024, and each time it was rejected and experienced a massive price drop. This time there is a similar speculation that BTC could fall again.
The Relative Strength Index (RSI) also supported this bearish outlook, as the asset was in overbought territory at the time of writing. The RSI reading in the overbought area indicates upcoming asset price reversals.