$ 930,000,000 ‘Cash Flow’ Hits Bitcoin and Crypto Markets — Here’s What’s Next, According to Crypto Analyst Justin Bennett

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  A pre­cip­i­tous drop in BTC and the over­all cryp­to mar­kets over the past 24 hours has trig­gered liq­ui­da­tions across exchanges as traders became unable to meet mar­gin require­ments in their lever­aged positions.

Cryp­to investor and ana­lyst Justin Ben­nett says that despite the sud­den price drop, BTC appears primed to fol­low the same path it did last month.

The dol­lar val­ue of liq­ui­dat­ed posi­tions in the cryp­to mar­kets sur­passed $930 mil­lion in the last day, accord­ing to ana­lyt­ics firm Bybt.

Ben­nett tells his 85,000 Twit­ter fol­low­ers that BTC’s pull­back, which saw the king cryp­to tum­ble from $62,789 to $58,178 in a mat­ter of hours, mir­rors a sim­i­lar move in September.

“This BTC pull­back is start­ing to look like a con­densed ver­sion of Sep­tem­ber. A scaled ver­sion puts the bot­tom at $55k – $57k.”

Source: Justin Bennett/Twitter

Ben­nett says he believes the worst is like­ly over for the alt­coin mar­kets. He says even if BTC expe­ri­ences fur­ther dips, alt­coins prob­a­bly won’t see any dra­mat­ic drops.

The bot­tom is most like­ly already in even if BTC drops anoth­er 5–7%… The big pic­ture still looks con­struc­tive, and that’s what matters.”

“Today was the big liq­uid­i­ty flush. VeChain $0.117, Car­dano $1.80, etc.

Bit­coin is exchang­ing hands at $58,729 at time of writ­ing, accord­ing to CoinGecko, while the alt­coin mar­ket is hov­er­ing around $1.357 trillion.

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Dis­claimer: Opin­ions expressed at The Dai­ly Hodl are not invest­ment advice. Investors should do their due dili­gence before mak­ing any high-risk invest­ments in Bit­coin, cryp­tocur­ren­cy or dig­i­tal assets. Please be advised that your trans­fers and trades are at your own risk, and any los­es you may incur are your respon­si­bil­i­ty. The Dai­ly Hodl does not rec­om­mend the buy­ing or sell­ing of any cryp­tocur­ren­cies or dig­i­tal assets, nor is The Dai­ly Hodl an invest­ment advi­sor. Please note that The Dai­ly Hodl par­tic­i­pates in affil­i­ate marketing.

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  • $ 930,000,000 ‘Cash Flow’ Hits Bit­coin and Cryp­to Mar­kets – Here’s What’s Next, Accord­ing to Cryp­to Ana­lyst Justin Bennett
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