Bitcoin $100K Rollercoaster: Massive Pump and Dump Shakes Market

Bitcoin hit $100K on Dec. 5 but quickly fell in a volatile 24-hour pump and dump, liquidating $500M. Analysts predict BTC bullish potential remains, with targets up to $200K by 2025.

Bitcoin Hits $100K, Drops, and Recovers in 24 Hours

Bitcoin (BTC) briefly crossed the $100,000 milestone on December 5 but faced a dramatic 24-hour pump-and-dump scenario. The price skyrocketed to $104,100 before plunging to $91,950 and later recovering above $98,000. This wild ride saw Bitcoin’s market cap fluctuate by $240 billion in a single day.

As of this writing, BTC trades at $98,296, returning to its pre-surge consolidation range. The volatility left traders reeling, with significant liquidations recorded across the market.

Liquidations Top $500M Amid Market Turmoil

Bitcoin’s pump and dump around the $100K mark triggered liquidations totaling $486.92 million, heavily impacting long-position traders, who lost $416.79 million.

According to CoinGlass data, the single largest liquidation order was an $18.94 million BTC-USDT-SWAP on OKX. Overall, 165,955 traders faced losses totaling $892 million in liquidations across all cryptocurrencies.

Bitcoin dominated 54.5% of these liquidations, with altcoins showing resilience during the chaos.

Price Predictions Amid Volatility

Despite the turbulence, analysts maintain an optimistic outlook for Bitcoin. Predictions suggest BTC will trade between $94,782 and $101,273 by the end of 2024, according to a Finbold analysis of historical December price trends.

Looking further, TradingShot foresees Bitcoin reaching $140,000 by February 2025, while Standard Chartered projects a $200,000 price by the end of 2025.

Opportunities in Volatility

The pump and dump highlight Bitcoin’s ongoing volatility, offering both risks and opportunities. Financial author Robert Kiyosaki sees price dips as accumulation opportunities for long-term investors. However, traders are advised to remain cautious, as sudden swings can lead to significant losses.

For those eyeing Bitcoin’s long-term potential, having a solid investment strategy and risk management plan is essential to navigating its unpredictable market behavior.

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