Editor's PiCK
Bitcoin expected to fall to $79,000 within a year…"Leverage overheating is the main cause"
Summary
- "Bitcoin (BTC) is said to be experiencing significant volatility due to a U.S. government shutdown and leveraged liquidations."
- "The Kobeissi Letter said that the recent virtual asset market capitalization has evaporated by more than $1 trillion, and excessive leverage is amplifying market movements."
- "According to CoinCodex data, the Bitcoin price could fall to about $79,436 within a year."
Bitcoin (BTC) is experiencing significant volatility due to a combination of factors such as a U.S. government shutdown and leveraged liquidations, and the market has raised the prospect that the price could fall to $79,000.
On the 6th (local time), according to Watcher Guru, the Kobeissi Letter said, "Since October 6, more than $1 trillion in market capitalization has evaporated from the virtual asset (cryptocurrency) market," and pointed out that "this is the result of technical factors rather than fundamental ones, and excessive leverage is amplifying market movements."
It added, "Although virtual asset adoption remains at record highs, leverage has risen to unprecedented levels, making market reactions overly sensitive," and analyzed that "since the $20 billion worth of liquidations on October 10, an average of 300,000 traders are being liquidated daily."
The outlet also projected, "According to CoinCodex price prediction data, Bitcoin could fall about 23.26% within a year to $79,436."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
