An analyst has warned that Bitcoin’s recent liquidation event may not be finished, with remaining leverage potentially pushing prices somewhere between the $70,000 to $80,000 zone.
The pain may not be over yet for Bitcoin investors, according to one crypto analyst, arguing that there’s still more leverage that could be flushed out.
Crypto analyst James Check described the recent market meltdown as a “2-sigma long liquidation event,” which wiped out a “chunk of degen gamblers.”
Most of the leverage is gone, but the market “has an incredible nose that can sniff out the final hold-outs,” he added, cautioning that a further flush out could be on the cards.
