The Bitcoin halving is only about a week away, and the market’s volatility is at its peak.
Bitcoin's price crashed by 5% to around $65,000 in a flash crash, leading to nearly $1 billion in liquidations across the crypto market.
Issuance of stablecoins like USDT and USDC is rising, indicating investor optimism.
Crypto analyst, Moustache predicts a Bitcoin price surge to $80,000 based on the Mayer Multiple indicator.
The halving is only about a week away, and Bitcoin's volatility has shot through the roof.
We have had massive liquidations over the last 24 hours, wiping out nearly a billion dollars from the market. To balance things out, stablecoin inflows have lit a beacon of hope for investors, looking for a price rebound on the cryptocurrency.
Will the declines continue? What are Bitcoin’s chances of breaking $70,000 once again before the halving?
Let’s go over some of the top things about Bitcoin that any investor should know about in this article.
Liquidation data from Coinglass has not been pretty so far.
The crypto market has been severely bear-bombed this weekend, with Bitcoin entering a flash crash to around $65,000.
The crypto market’s liquidations
The snapshot above shows that over the last 24 hours, around $937 million has been taken off the market from leveraged traders, with $824 million of the total coming from the bulls.
Btcoin’s abrupt 5% crash from around $68,341 happened in less than an hour during the late trading hours in New York on 12 April, catching traders off guard.
As it stands, Bitcoin alone suffered around $186 million worth of liquidations, and Ethereum suffered around $137 million as it dropped from $3,553 to $3,226.
Despite the flash crash, there might be a silver lining somewhere.
According to a recent report from KuCoin, the rising issuance of stablecoins suggests that traders are becoming more optimistic, and are gearing up for the halving event, which is set to occur in only a few days from the time of writing.
Stablecoin supplies on exchanges
Kucoin highlighted the recent spikes in the issuance of USDT and USDC in particular, which happen to be two of the biggest stablecoins on the market.
The report highlighted this surge in overall stablecoin activity as a sign of massive interest in crypto from investors, especially in Europe and the Americas.
Moreover, this surge in stablecoin activity is a recurring pattern that has preceded almost every rally that led to a new Bitcoin all-time high.
Now that Bitcoin has declined terribly, and trades at around $67,200 at the time of writing according to Coingecko, what are the chances of a recovery?
According to recent insights from renowned crypto analyst, Moustache, a recovery may not be too far ahead.
Bitcoin and the Mayer Multiple indicator
In a recent post on X by the analyst, “Many people don't realise how good $BTC currently looks”.
His analysis is based on the Mayer Multiple indicator, stating that whenever Bitcoin breaks through the blue line above and is close to a previous ATH, we often experience a parabolic rally to the upside shortly after.
With Bitcoin currently close to the $69,000 resistance and the ongoing pre-halving volatility, we just might get some clarity about what might be going on pretty soon, when the halving passes.
Overall, Moustache highlighted that this indicator means that we might be seeing $80,000 on Bitcoin very soon
As the halving event approaches, all eyes remain trained on Bitcoin, to see what happens next.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.