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Led by Bitcoin (BTC) and Ethereum (ETH), the cryptocurrency market has been inching higher last week. However, both tokens plunged within minutes on Sunday as investors unloaded a billion dollars worth of futures contract.
From around $12,000, Bitcoin’s price plunged as low as $10,550 on August 2, according to Cointelegraph. The token lost by around 13 percent or $1,400 in just minutes as investors liquidated futures contracts worth $1 billion. Thankfully, the token’s price slightly rebounded and is trading above $11,100 at the time of writing.
Even Ether (ETH) did not escape the crash as the token also suffered a 21 percent price decline. From $417, the token suffered the same fate as BTC and dropped to as low as $300 in just minutes. Thankfully, ether partially recovered from the massive decline and is currently trading near $380.
One reason for the price drop is that the cryptocurrency market tends to experience large liquidations on weekends. There are also fewer active traders during weekends resulting in lower trading volumes and the tendency of massive price fluctuations.
The cryptocurrency market is also more likely to experience mass liquidations on weekends as well, according to Cointelegraph. Just one large liquidation could trigger an avalanche of liquidations eventually causing selling pressure.
Mass liquidations have happened in recent months, the most notable one was March 13’s “Black Thursday” when liquidations reached $1 billion. Mass liquidations also happened right before the halving event on May 11, which dragged BTC’s price to $8,100.
But the recent price correction has not deterred some investors. In fact, there are those who believe that BTC might still rally past $20,000 without a problem.
Max Keiser, the founder of Heisenberg Capital founder and Keiser Report host, believes that Bitcoin (BTC) is about to rally to $28,000, according to Cointelegraph. He predicts that there won’t be any resistance at $20,000 level.
“The $20,000 level for #Bitcoin won’t pose any resistance,” Max Keiser said. “We won’t see any resistance until $28,000. A brief pullback then the assault on $100,000 begins with renewed vigor.”
Keiser added that BTC will encounter resistance at the $28,000. But once it is able to surmount that, it will be on its way to attack the six-digit mark. “$28,000 is in play before we see a pullback - and then we’re heading to 6-figures,” he said.
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