Bitcoin Price Expected to Erase 2025 Gains Amid $2 Billion Liquidation
Bitcoin's price is experiencing significant selling pressure, contributing to a broader crypto market downturn. Liquidations have reached $2 billion.
Key Points
- Economist Peter Schiff predicts Bitcoin could fall to $90,000, wiping out all 2025 gains if the trend persists.
- Bitcoin has dropped below $100,000, and Ether [ETH] is near $3,000, marking nearly a 40% decline from its August high.
- Schiff suggests a drop in Bitcoin might lead to a rally in gold due to their negative correlation.
- Market experts cite US economic factors as reasons for increased profit-taking by large investors.
Whale Activity
- Santiment reports a notable sell-off by large holders, or "whales," who control 68.5% of Bitcoin's supply.
- Since October 12, whales have offloaded 38,366 BTC, reducing their holdings by 0.28%.
- Bitcoin ETFs have seen $566 million in outflows recently.
- Conversely, smaller investors have increased their holdings by 415 BTC, representing a 0.85% increase in supply share.
Analysts suggest that a sustained crypto recovery depends on large holders reaccumulating Bitcoin while smaller traders sell off, which historically indicates a market bottom.