Black Friday Massacre! Bitcoin drops below $82,000, analysts warn 'may dip to $70,000'

As the global financial markets weaken simultaneously, the cryptocurrency market has once again become a major casualty. After experiencing a sharp decline in the overnight session, Bitcoin saw selling pressure emerge again this morning (30th), further breaking below $82,000. Analysts warn that as key support levels are consecutively lost, Bitcoin has “almost no clear support below,” and in the short term, it may fall to $70,000. As of 10:25 AM Taipei time, Bitcoin is trading at $81,401, down 8% for the day; Ethereum has fallen 9.5% to $2,707; BNB, Ripple (XRP), and Solana (SOL) have declined between 7% and 8.6%. According to CoinGlass data, in the past 24 hours, the total liquidation amount across the network reached $1.779 billion, with over $1.67 billion coming from long positions. Bitcoin liquidations amounted to $833 million, Ethereum $431 million, and other competing coins also experienced widespread forced liquidations. This wave of liquidations caused approximately 283,515 traders to be wiped out. The most severe incident occurred on HTX, where a trader’s Bitcoin position instantly evaporated $80.57 million, becoming the biggest victim. 21Shares cryptocurrency research strategist Matt Mena pointed out that after Bitcoin broke below the $84,000 critical support level, the next target for the bears would be the $80,000 level, which was the starting point of the rally driven by buying in November last year. If it falls further, it could test the lows of $75,000 during the “tariff panic” period in April last year. However, Matt Mena remains optimistic about Bitcoin’s medium-term trend, believing that the current price presents an “extremely attractive entry point,” and expects that under the overall improving economic environment, Bitcoin could return to $100,000 before the end of Q1, and may even hit a new all-time high of $128,000. However, other analysts are less optimistic, warning that a larger correction may occur in the future. John Glover, Chief Investment Officer of crypto lending platform Ledn, analyzed that this wave of selling is part of a major correction since the all-time high in October last year, ultimately possibly falling to $71,000, representing a decline of about 43% from the historical high of $126,000. John Glover pointed out that the United States is currently the epicenter of market uncertainty, with funds flowing into alternative safe-haven assets such as gold and Swiss francs, rather than traditional assets like the US dollar and US Treasuries. Although investors initially hoped Bitcoin could serve as “digital gold,” it is still regarded as a risk asset at this stage and is being sold off along with stocks. But he emphasized, “I believe this is only temporary, and Bitcoin prices will rebound in the coming quarters.”