Leverage traders are feeling the burn after Bitcoin (BTC) hit all-time highs early on Tuesday before reversing to the downside in a sudden fakeout.
According to crypto data aggregator Coinglass, over $679,160,000 in liquidations have occurred in the last 24 hours – almost entirely leveraged longs.
Binance, the world’s largest crypto exchange, hosted the largest amount of liquidations at $213 million, followed by $68 million on OKX, $21 million on Bybit and $16 million on HTX.
The largest single liquidation order happened on Binance in the BTC/USDT pair for a value of $8.23 million, according to Coinglass.
Bitcoin broke its previous all-time high above $69,000 today, stirring speculation on what could happen next now that crypto has recovered from what many have said was its worst bear market in history.
As noted by Bitcoin researcher and advocate Dylan LeClair, this is how long it took BTC to double in price after passing previous all-time highs:
- December of 2020: 18 days
- March of 2017: 84 days
- November of 2013: 10 days
- March of 2013: 18 days
The last time Bitcoin beat its all-time high, its price tripled in 103 days.
If that were to happen again, it would bring BTC to $207,000.
At time of writing, Bitcoin is trading for $64,557.
While BTC is only slightly below all-time highs now, a significant correction could be seen as a gift, according to veteran trader DonAlt, who has been bullish on Bitcoin since the beginning of 2023.
Although DonAlt expects a Bitcoin pullback, he thinks that spot market exchange-traded funds (ETFs) investors will make the BTC retracement quick.
“With the [memecoins] going up this insanely, I think we’re going to get frothy and quick, and I think that can very easily lead to quite a sizable pullback… If you get a sizable pullback, I would argue $45,000 to $50,000…
I think that can happen just based on the froth levels that we’re getting but also we are in a new paradigm, as dumb as that sounds like with the ETF. Bitcoin has gotten an entirely new investor base and they are actually investors…
I’m not worried because I’d be happy if this thing pulls back a little so I can buy some altcoins. That’s what I want to do: buy some of [these coins] that have been pumping. Dogecoin is smiling at me…”
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