- Crypto liquidations hit $2.2 billion, with BTC touching $91,231 before a sharp drop. Ethereum and altcoins saw an average 20% decline.
- Veteran trader Peter Brandt believes Bitcoin could stay in a bull trend, even below $80,000, citing historical market behavior.
- The unclosed CME gap at $75,000 suggests Bitcoin may dip further before rebounding, with analysts pointing to past patterns of sharp recoveries.
The crypto market just witnessed a bloodbath. Bitcoin (BTC) hit $91,231 on Binance, only to trigger a sharp selloff. Traders saw $2.2 billion in liquidations, with Ethereum (ETH) and other altcoins dropping an average of 20%. Portfolios were wiped out, margin calls rang, and fear took over.
The crash was swift. Liquidations hit long positions the hardest, erasing leveraged bets in minutes. Crypto sentiment turned sour fast. Talk of a bear market resurfaced. Many believed the rally was dead.
Veteran trader Peter Brandt, with over 50 years in financial markets, isn’t convinced the bull run is done. Even if Bitcoin slips below $80,000, he argues, it could still be in a strong uptrend.
Brandt points to market psychology. Fear, uncertainty, and doubt (FUD) always follow volatile swings. But this doesn’t mean the upcycle has ended. Historically, deep corrections like this one have led to even higher peaks.
The CME Bitcoin Futures Gap at $75K: Job Unfinished?
A major technical factor adds weight to Brandt’s case, the unclosed CME Bitcoin futures gap at $75,000. Since November, this gap has remained open. Many traders believe Bitcoin could dip there, close the gap, and then rebound.
Analysts highlight past market cycles where similar pullbacks preceded fresh all-time highs. This time might be no different. If BTC stabilizes near $75,000 and demand returns, bullish momentum could reignite.
Despite the $2.2 billion in liquidations, optimism lingers. Many traders still see BTC’s key support levels holding. If accumulation resumes, a price recovery may follow.
Historical data supports this view. Bitcoin corrections of 20% or more have historically led to strong rebounds. While fear grips the market, seasoned investors are watching key levels for a buying opportunity.
