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Bitcoin prices have crashed again with a huge four-thousand-dollar dump from just over $62,000 to bottom out at $58,000 during late trading on Tuesday, Aug. 27. 
<a href="https://cryptopotato.com/bitcoins-massive-price-plunge-to-58k-triggered-over-320-million-in-liquidations/" data-wpel-link="internal">According </a>to Coinglass, 87,920 traders have been wrecked, with the total liquidations coming in at $320 million over the past 24 hours. 
<a href="https://cryptopotato.com/bitcoin-sees-increasing-correlation-with-equities-but-remains-relatively-weaker-bitfinex/" data-wpel-link="internal">BTC</a> has since recovered marginally to trade at $59,600 at the time of writing, but crypto markets are deep in the red again as the asset fell back to support last hit on Aug. 19. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 Total <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">#crypto</a> market cap is down 7% to $2.17T today, as <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">#Bitcoin</a> fell below the $60K level <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f534.png" alt="🔴" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/AHifMHOvA0" data-wpel-link="external" target="_blank">pic.twitter.com/AHifMHOvA0</a> 
 — CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1828643153999724988?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">August 28, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h2 id="months-of-more-chopsolidation">Months of More Chopsolidation?</h2> 
ITC Crypto founder Benjamin Cowen <a href="https://x.com/intocryptoverse/status/1828560309935841462" target="_blank" rel="noopener" data-wpel-link="external">observed</a> that BTC has had another rejection of its bull market support band. 
“If it follows the last cycle, the earliest this trend could durably change is *after* rate cuts,” he added. 
In a <a href="https://newsletter.checkonchain.com/p/its-2019again" target="_blank" rel="noopener" data-wpel-link="external">blog post</a> on Aug. 27, on-chain analyst James Check compared the current market structure to that from 2019. 
<blockquote>
 “The similarities between the 2024 chopsolidation, and the one we experienced back in 2019 are strange and uncanny.”
</blockquote> 
There was a three-month pump from $4,000 to $13,000 from April to June in 2019, followed by 16 months of sideways trading. 
The three-month pump in 2024 saw BTC rise from $40,000 to $74,000 between January and March. A similar follow-up period could see this ‘chopsolidation’ continue until mid-2025. 
Meanwhile, the ETF experts were perplexed about the panic selling. 
“Bitcoin fearmongers might be worse than stock market fearmongers,” <a href="https://x.com/NateGeraci/status/1828573435271815558" target="_blank" rel="noopener" data-wpel-link="external">commented</a> ETF Store president Nate Geraci, who also pointed out that BTC is up 40% year to date and outperforming the S&amp;P 500 by over 20%. 
Bloomberg ETF analyst Eric Balchunas was equally <a href="https://x.com/EricBalchunas/status/1828564875066397103" target="_blank" rel="noopener" data-wpel-link="external">baffled</a>: 
<blockquote>
 “Ok Einstein, If ETFs bought $18 billion of Bitcoin (almost as much as Satoshi), who in the hell is dumping?”
</blockquote> 
<h2 id="altcoins-bleeding-again">Altcoins Bleeding Again</h2> 
Ethereum has been smashed more than 10% in a plunge from $2,700 to $2,400 within a day before recovering a little to $2,472 during the Wednesday morning Asian trading session. 
The rest of the <a href="https://cryptopotato.com/open-interest-changes-suggest-capital-rotation-into-altcoins-santiment/" data-wpel-link="internal">altcoins</a> were <a href="https://cryptopotato.com/these-altcoins-bleed-out-the-most-as-bitcoin-btc-slips-below-63k-market-watch/" data-wpel-link="internal">bleeding</a> as usual, with larger losses for Solana (SOL), Avalanche (AVAX), Near Protocol (NEAR), and Uniswap (UNI), among others. 
Nevertheless, crypto trader Luke Martin saw it as a buying opportunity, saying altcoins are currently at the “sell your house to buy more” level before adding: 
<blockquote>
 “Last time BTC was at this level was exactly 4 years ago in the summer of 2020 when the price went vertical from $10k to $60k over the next 6 months.”
</blockquote> 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 Altcoins currently at the "sell your house to buy more" level. 
 Last time <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">$BTC</a> was at this level was exactly 4 years ago in the summer of 2020 when price went vertical from 10k to 60k over the next 6 months. 
 h/t <a href="https://twitter.com/CryptoKoryo?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">@CryptoKoryo</a> <a href="https://t.co/vwaGkGE1FA" data-wpel-link="external" target="_blank">pic.twitter.com/vwaGkGE1FA</a> 
 — Luke Martin (@VentureCoinist) <a href="https://twitter.com/VentureCoinist/status/1828474655872553212?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">August 27, 2024</a>
</blockquote> 
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The post <a href="https://cryptopotato.com/crypto-rollercoaster-bitcoins-4000-price-dive-puzzles-etf-experts/" rel="nofollow">Crypto Rollercoaster: Bitcoin’s $4,000 Price Dive Puzzles ETF Experts</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Crypto Rollercoaster: Bitcoin’s $4,000 Price Dive Puzzles ETF Experts

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