- $1.524 billion longs liquidated so far today.
- The price of BTC fell as far as $112,000 as a retracement to print a bullish signal.
- Analyst believes this to be the last shakeout before new ATH pumps take over.
The crypto market is experiencing a difficult start to a new week, starting with the price of BTC falling to the $112,000 price range and the price of ETH falling to the $4,100 price range. This led to $1.524 billion longs liquidated so far in the day. One analyst believes this could be the last shakeout before parabolic pumps to new ATH prices can start to make their debut, leading to the arrival of altseason.
$1.524 Billion Longs Liquidated
The new week began with $230 million worth of crypto longs liquidated in just an hour. This sudden fall in crypto prices allowed Metaplanet to buy 5,419 BTC for $632.53 million. What’s more, the dip drew attention to several bearish predictions made by prominent crypto analysts based on historical bull cycle patterns, which is that the month of September will close in a bearish red for BTC.
To highlight, the month of September has always been a challenging month in the crypto market, leading to corrections occurring for both BTC and ETH, the pioneer crypto and altcoin assets. This outcome is once again expected for the ongoing September, despite the fact that BTC was seeing its best September performance yet. Now, the prices of BTC and ETH are both declining.
The Fed announcing rate cuts was supposed to trigger the correction, and analysts believe the current dip could be what will lead to the expected September correction. If this outcome plays out, then the price of BTC could go on to drop as low as $100,000 in the coming days ahead, perhaps even to the $90,000 price range, where a CME Gap can be closed, before a recovery and price rally can occur.
As we can see from the post above, the drop in BTC and ETH prices led to $1.525 billion longs liquidated so far today. The analyst in the post above recognized this dip as the biggest liquidation of the year and believes this to have been the last shakeout before explosive price pumps arrive for BTC, ETH, and altcoins as well. Specifically, the analyst expects the next two months to usher in altseason’s peak.
Last Shakeout Before New ATH Pumps?
Another reputed analyst says that the drop to $112,000 was the retracement that BTC needed to print and continue to set a bullish head and shoulder pattern. He then goes on to advice watching for buying pressure to form the right shoulder before a breakout to a bullish new ATH target for Bitcoin (BTC) at $130,000. Responses to the post all support a steady rally in due time.
