Ethereum

Long

Bitcoin ETF

Bitcoin

Spot

Bitcoin (BTC), the world’s oldest and largest cryptocurrency, has been undergoing a massive price correction recently. The bearish turn came shortly after the 11 Spot Bitcoin ETFs went live. Initially, the BTC price propelled up to $49,000, however, it eventually plummeted below the $43,000 level. 
In the midst of uncertainties around Bitcoin’s price, a crypto analyst expects a further decline. In addition, he warned against a major liquidation of long positions that would take place after the <a href="https://coingape.com/markets/how-bitcoin-price-rocket-ride-to-50k-could-precede-intense-turbulence-and-major-sell-off/" target="_blank" rel="noopener">BTC price</a> falls below $42,000. 
<h2 id="massive-bitcoin-long-liquidation-is-impending">Massive Bitcoin Long Liquidation Is Impending</h2> 
Crypto Rover, a renowned crypto analyst on social media, took to X and shared a snapshot of the Bitcoin Liquidation Heatmap. In addition, he noted that long positions worth $250 million would be liquidated after Bitcoin price drops to $41,900. The major selloff could push the crypto’s value even lower. 
Earlier, Kripto Kurdu Global, an analyst on X, predicted a higher liquidation level. When Bitcoin was trading between $46,000 to $49,000 after ETF approval, the analyst stated that if Bitcoin retreated to $42,967, a whopping $3.14 billion long liquidation would be recorded. 
The price is already lower than the target he mentioned. However, only $59 million worth of long positions were liquidated in the last 24 hours, according to data from Coinglass. Moreover, the prediction was unprecedentedly high while Crypto Rover’s anticipation seems reasonable since a humongous $900 million liquidation was recorded ahead of the Spot Bitcoin ETF approval. 
In his latest YouTube <a rel="nofollow" href="https://youtu.be/zmra_dqwYgA?si=XDHWVfFVgf-nZd4D" target="_blank">video</a>, Crypto Rover also noted that he is selling a significant share of his Bitcoin holdings currently. He added that he would invest the funds into Ethereum (ETH) as he believes it has a better upside than Bitcoin. The analyst explained his stance citing that seven <a href="https://coingape.com/blackrock-ceo-backs-ethereum-etf-after-bitcoin-success/" target="_blank" rel="noopener">Spot Ethereum ETFs</a> are expected to go live in four months alongside a major Ethereum upgrade. 
Also Read: <a href="https://coingape.com/grayscale-moves-9000-bitcoin-btc-is-a-selloff-in-view/" target="_blank" rel="noopener">Grayscale Moves 9000 Bitcoin (BTC), Is a Selloff in View?</a> 
<h2 id="bitcoin-price-to-drop-below-40k">Bitcoin Price To Drop Below $40K?</h2> 
Bitcoin is trading around $42,600, succumbing to several red sessions after the ETF approval, and holds a market cap of $835.68 billion. As of writing, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> was $42,605.27, down by 0.84% on Wednesday, January 17. However, BTC’s trade volume spiked by 17.76% to $24.67 billion. 
On the other hand, in a recent video, Crypto Rover hinted at a Bitcoin price correction below the $40,000 mark. The crypto analyst stated that his buy zone for BTC is around $38,700, indicating a decline of nearly 10% from the current price. Whilst, he noted that before the correction, BTC could hit $44,500. 
Also Read: <a href="https://coingape.com/crypto-analyst-sells-bitcoin-for-ethereum-amid-etf-anticipation/" target="_blank" rel="noopener">Crypto Analyst Sells Bitcoin For Ethereum Amid ETF Anticipation</a> 
The post <a href="https://coingape.com/bitcoin-btc-price-drop-risks-250-mln-long-liquidation/">Bitcoin (BTC) Price Drop Risks $250 Mln Long Liquidation</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Price Drop Risks $250 Mln Long Liquidation

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