The post Bitcoin Faces Significant Liquidation Event Amid Price Decline and Market Volatility appeared on BitcoinEthereumNews.com.

The cryptocurrency market has faced a dramatic liquidation event, with over half a billion dollars wiped out in perpetual futures just within the last 24 hours. This mass liquidation suggests a significant shift in market sentiment, exacerbating the recent downward trajectory of prices for major cryptocurrencies. Peter Brandt, a well-known trader, highlighted this recent downturn as a confirmation of a **potential head and shoulders pattern**, indicating Bitcoin may target $77,000 in the future. This article explores the recent massive liquidations in the crypto market, assessing their impact on Bitcoin prices and the fate of altcoins. Massive Liquidations Shake the Cryptocurrency Market The recent trend in the cryptocurrency market has been marked by a staggering amount of liquidations. According to data from CoinGlass, total liquidations of perpetual futures on crypto assets surpassed **$500 million** within a mere 24-hour period. This event saw **$461.29 million** lost from long positions and **$71.39 million** from short positions, indicating a severe correction that could have ramifications throughout the industry. The Impact on Bitcoin Prices As this massive sell-off unfolded, Bitcoin (BTC) plummeted to its lowest price in two months, a stark contrast from earlier peaks experienced in mid-November. At that time, Bitcoin’s value was on an upward trajectory, yet the current market atmosphere reflects a decline, leaving traders and investors anxious about future price movements. Traders like Peter Brandt are interpreting this sell-off not just as a fleeting market event but as the formation of a **technical pattern** likely to produce significant movements in Bitcoin’s value. If the head and shoulders pattern is validated, analysts predict that Bitcoin may eventually gravitate towards the **$77,000** mark—a level aligned with an unresolved gap in the CME Bitcoin futures market formed during a previous surge. Altcoin Woes: A Ripple Effect The sell-off has not spared alternative cryptocurrencies. As…

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Filed under: News - @ January 13, 2025 5:27 pm