Crypto crashes result in $783 million in long liquidations in the last 24 hours
While the reason behind the pullback isn’t clear, traders weigh in on how this halving cycle is very similar to the previous one.
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A major price correction across the crypto market caused over $783 million in liquidations in the past 24 hours, according to data aggregator Coinglass. Bitcoin (BTC) showed a 4.6% pullback, while Ethereum (ETH) and Solana (SOL) slumped 8.1% and 11.6%, respectively. Meanwhile, the whole crypto market cap shrank by 7.2%.
Despite the bloodbath seen in the market this Friday, there are no apparent causes behind this massive pullback. In a recent video, trader Benjamin Cowen explained that Bitcoin is repeating its movement from the last cycle when BTC met its local top.
“It’s all happening the same way it happened last cycle. The only difference between this cycle compared to last cycle is two things: number one, in this QT rally, Bitcoin put in a new high, whereas, in the last QT rally, it didn’t; the other difference is that the time in the cycle when rate cuts occur, in the last cycle they occurred in the pre-halving year, and in this cycle they are going to occur in the halving year,” Cowen explains.
Therefore, the correction movement seen today is not new in pre-halving periods. The trader Rekt Capital also expressed his views on the similarities between the current Bitcoin cycle and the last one in an X post.
As different as this #BTC cycle has been, it has still experienced a Pre-Halving Retrace
Still experienced a Re-Accumulation phase going into the Halving
Still experienced slowing down in the momentum going into the Halving
History isn’t supposed to repeat
But somehow,…
— Rekt Capital (@rektcapital) April 10, 2024
Moreover, he added that this could be the last “pre-halving bargain-buying opportunity” of the current bull cycle before Bitcoin enters a parabolic movement into price discovery territory.
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