Bitcoin wiped out billions in liquidations ahead of Friday as price action set new bearish records.
Key points:
- Bitcoin triggers $2.6 billion in liquidations as it prints its first-ever $10,000 red daily candle.
- BTC’s price drop also marks its steepest single-day percentage decline since the 2022 bear market.
- According to the model, Bitcoin may not reclaim the $93,500 level until 2028.
Bitcoin records its largest single-day dollar decline on record
TradingView data shows BTC/USD stabilizing after rebounding from $59,930, marking its first dip below $60,000 since October 2024.
Persistent selling during Thursday’s U.S. trading session ultimately triggered a liquidation cascade, with $2.6 billion in crypto positions erased over the past 24 hours, according to CoinGlass.
Commenting on the move, crypto market participants noted that the scale of liquidations exceeded both the March 2020 COVID-19 market crash and the fallout from the collapse of the FTX exchange in late 2022.
Bitcoin’s price action also revived several historical bear-market records
In percentage terms, Thursday’s daily candle marked the steepest single-day decline since the FTX collapse, which ultimately led to the bear-market low of $15,600.
“The ETF holders have never experienced this kind of sell-off,” Joe Consorti, head of growth at Bitcoin equity firm Horizon, said in a post on X, referring to institutional investors exposed to U.S. spot Bitcoin exchange-traded funds (ETFs).
According to data from UK-based investment firm Farside Investors, the funds recorded $434 million in net outflows on Thursday.
BTC/USD, meanwhile, reached an unenviable milestone, dropping by more than $10,000 in a single day for the first time.
“Yesterday marked the highest trading volume for $BTC since August 2024,” trader Jelle added.
“One for the history books.”
BTC price “trend reversal” may not come until 2028
In a bleak outlook for Bitcoin bulls, crypto trader and analyst Rekt Capital suggested that a meaningful recovery may not occur until 2028.
Referencing the BTC price cycle model and a key moving average crossover that took place in late January, Rekt Capital expects 2026 to play out as a textbook bear market year.
“Looks like it really is the year of the Bitcoin bear market,” he wrote in a post on X.
“2027 will be the Bottoming Out year for BTC. And 2028 will be the Trend Reversal year where $93500 would be finally broken.”
A separate post warned of “bearish acceleration” on BTC/USD, again mimicking the 2022 bear market.
