Bitcoin May Need Two Years to Flip $93,500 Back to Support

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Bitcoin (BTC) liquidated billions of dollars going into Friday as BTC price action set bearish records.

Key points:

  • Bitcoin liquidates $2.6 billion as it sees its first red $10,000 daily candle ever.

  • BTC price action dives further in percentage terms than on any day since the 2022 bear market.

  • It may take until 2028 for Bitcoin to return above $93,500 again.

Bitcoin seals biggest daily dollar rout in history

Data from TradingView showed BTC/USD consolidating after bouncing from $59,930 — its first trip below the $60,000 mark since October 2024.

BTC/USD one-day chart. Source: Cointelegraph/TradingView

Sustained selling pressure during Thursday’s US trading session eventually sparked a liquidation cascade, with $2.6 billion in crypto positions wiped out over 24 hours, per data from CoinGlass.

Crypto liquidations vs. BTC/USD (screenshot). Source: CoinGlass

Commenting, crypto market participants noted that the liquidation tally had surpassed both the COVID-19 crash from March 2020 and the reaction to the implosion of exchange FTX in late 2022.

Bitcoin price action also brought back historical bear-market records elsewhere.

In percentage terms, Thursday’s daily candle was the largest daily decline since the FTX debacle — an event that sparked the bear-market low of $15,600.

BTC/USD one-day % change. Source: Joe Consorti/X

“The ETF holders have never experienced this kind of sell-off,” Joe Consorti, head of growth at Bitcoin equity company Horizon, responded on X, referring to institutional investors with exposure to the US spot Bitcoin exchange-traded funds (ETFs).

They saw net outflows of $434 million on Thursday, per data from UK-based investment firm Farside Investors.

US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors

BTC/USD, meanwhile, achieved an unenviable new feat, falling by more than $10,000 in a day for the first time.

“Yesterday was the highest volume day on $BTC since August 2024,” trader Jelle added.

“One for the history books.”

BTC price “trend reversal,” only in 2028?

In a grim outlook for Bitcoin bulls, crypto trader and analyst Rekt Capital said that it could be 2028 before a true rebound occurs.

Related: Will Bitcoin rebound to $90K by March? Here’s what BTC options say

Using the BTC price cycle model as a guide, including a key moving average crossover at the end of January, Rekt Capital foresees a classic bear market year for 2026.

“Looks like it indeed is the year of the Bitcoin Bear Market,” he wrote in an X post.

“2027 will be the Bottoming Out year for BTC. And 2028 will be the Trend Reversal year where $93500 would be finally broken.”

BTC/USD 12-month chart. Source: Rekt Capital/X

A separate post warned of “bearish acceleration” on BTC/USD, again mimicking the 2022 bear market.