Bitcoin (BTC) forced large-scale liquidations on Thursday and Friday as price action set several bearish records.
Key points:
– $2.6 billion in crypto positions were liquidated over 24 hours.
– BTC posted its first ever $10,000+ red daily candle.
– A full trend reversal above $93,500 may not occur until 2028.
Bitcoin’s rout and liquidations
BTC/USD fell below $60,000 for the first time since October 2024, reaching a low near $59,930 before consolidating. Sustained selling during Thursday’s U.S. session triggered a cascade of liquidations: CoinGlass data showed approximately $2.6 billion wiped out in 24 hours. Market participants compared the size of the event to prior shocks, noting it exceeded liquidations during the March 2020 COVID crash and the late-2022 FTX collapse.
In percentage terms, Thursday’s single-day decline was the largest since the FTX-driven sell-off that preceded the 2022 bear-market low near $15,600. BTC also recorded its first daily drop greater than $10,000. Trading volume surged, with some traders calling it the highest-volume BTC day since August 2024.
ETF outflows and institutional selling
U.S. spot Bitcoin ETFs experienced notable net outflows, with Farside Investors reporting $434 million of net outflows on Thursday. Analysts highlighted that many ETF holders had not previously seen such abrupt selling pressure, amplifying the move.
Forecasts: extended bear phase, rebound timing
Crypto analyst Rekt Capital used a price-cycle model and moving-average signals to project a prolonged bear phase. According to his outlook, 2026 will be the main bear-market year, 2027 a bottoming year, and 2028 the year of trend reversal — when BTC could finally reclaim and hold $93,500.
Disclaimer
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