Bitcoin’s major liquidation levels were pegged at $66,700 on the higher side and $65,450 on the lower side. However, historical data hinted at a potential drop to the $63,000 level.
The overall cryptocurrency market was under immense selling pressure, with Bitcoin [BTC], the world’s largest cryptocurrency, sliding to the $65,500 mark.
Amid this price drop, former hedge fund manager James Lavish posted on X (formerly Twitter) that BTC could soar to $428,000 if it captures 1% of the total global investment market.
What it will take for BTC to hit $428K
Lavish noted that the current total investment assets worldwide amount to $900 trillion, with BTC representing just 0.15% of this total at $67,000. If BTC captures just 1% of these assets, its value could skyrocket to $428,000.
Investors and whales also appeared bullish on Bitcoin. Recently, crypto analyst Julien Bittel predicted that BTC could reach the $190,000 mark. He explained that the current Bollinger Band Indicator was fully compressed, potentially signaling a significant bull run.
Additionally, whales have accumulated a substantial 5,900 BTC, worth $397 million.
Price-performance analysis
At press time, BTC was trading near the $66,000 level, experiencing a 1.35% price drop in the last 24 hours. Trading volume also fell by 28% during the same period, indicating lower participation from traders and investors.
Similarly, BTC’s Open Interest (OI) dropped by 4%, suggesting market fear. The major liquidation levels were at $66,700 on the higher side and $65,450 on the lower side.
If market sentiment remains unchanged and BTC falls to the $65,450 level, $275 million of long positions will be liquidated. Conversely, if sentiment shifts and BTC rises to the $66,700 level, $233 million of short positions will be liquidated.
Bitcoin price prediction
Expert technical analysis indicated a bearish outlook for BTC at press time, with a potential drop to the $63,300 level in the coming days. This bearishness is attributed to the recent price rejection from a strong resistance level of $70,000.
Historical data shows that BTC has reached this level five times since March 2024, each time facing rejection and experiencing a significant price drop. There is similar speculation that BTC could fall again.
The Relative Strength Index (RSI) also supported this bearish outlook, as its value was in the overbought area at press time, signaling potential upcoming price reversals.
