According to data aggregator Coinglass, significant price corrections in the cryptocurrency market have resulted in the liquidation of more than $783 million in the last 24 hours. Bitcoin (BTC) rolled back 4.6%, while Ethereum (ETH) and Solana (SOL) fell 8.1% and 11.6%, respectively. Meanwhile, the overall cryptocurrency market fell 7.2%.
Despite the bloodshed seen in the market on Friday this week, there is no obvious reason for such a massive pullback. In a recent video, trader Benjamin Cowan explained that #bitcoin is repeating the same movements as in the previous cycle when #BTC reached a local top.
Everything is happening exactly the same as in the last cycle," he said. The only difference between this cycle and previous cycles is two things: first, bitcoin made new highs during this QT rally, but not during previous QT rallies. The other difference is the timing of the cycle in which the gains are occurring. In past cycles they occurred in a pre-halal year, and in this cycle they will occur in a halal year," Cowen explained.
So the corrective moves we are seeing today are not new to the pre-halal period. " The trader from Rekt Capital also commented in post X on the similarities between the current bitcoin cycle and previous cycles.
He added that this could be the last "favorable pre-halving-period buying opportunity" in the current bull cycle before bitcoin goes into a parabolic move into opening price territory.
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