Bitcoin’s Dramatic Plunge: Is It Time to Panic or Just Laugh? 😂

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On a fateful Friday, the price of Bitcoin, that elusive digital gold, took a nosedive, plummeting below the hallowed threshold of $85,000, ultimately landing at a disheartening low of $84,200. Such a descent was not merely a whim of the market but a consequence of a collective frenzy, as sellers unleashed their panic, triggering a cascade of liquidations that would make even the most stoic investor weep.

Bitcoin Price Tumbles Below $85,000, Sparking $116 Million Long Liquidation

As the sun rose on Friday, Bitcoin (BTC) found itself beneath the critical support level of $85,000, a place once thought to be a bastion of hope. Alas, it fell to $84,200, a stark reminder of the market’s fickle nature. At the time of writing, BTC remained ensnared in a web of pressure, mirroring the broader malaise that has gripped the market, with liquidation risks looming like dark clouds on the horizon.

This sharp decline in Bitcoin’s value contributed to a staggering total of $400 million in crypto liquidations, with a jaw-dropping $116 million in long positions evaporating into thin air. One might wonder if the crypto gods are having a laugh at our expense. 😂

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In a twist of fate, on the preceding Thursday, wallets associated with the U.S. government transferred 97 BTC and 884 ETH, igniting wild speculations that a sell-off was imminent. However, this transaction seemed to align with the federal government’s noble quest to consolidate its crypto holdings, following an executive order from the illustrious Trump, issued on March 6.

According to the fact sheet, this order mandates that federal agencies report their cryptocurrency holdings within a mere 30 days to the Secretary of the Treasury. One can only imagine the bureaucratic chaos that ensues! 🏛️

This suggests that the $10.3 million in BTC and ETH transfers may be part of a grander scheme of asset consolidation, rather than a frantic liquidation event. Perhaps the government is just trying to tidy up its digital closet.

Peter Brandt Predicts $65,635 Bearish Target

In the midst of this turmoil, the seasoned trader Peter Brandt has issued a dire warning for Bitcoin, predicting a bearish target of $65,635, citing a bear wedge breakdown that could make even the most optimistic trader shudder.

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His technical analysis, shared on the platform X, reveals a completed bearish pattern following a double top formation. “Don’t shoot the messenger,” he quips, “Just reporting on what the chart says until it says something different. Bear wedge completed with 2X target from the double top at 65,635,” he stated on March 28, 2025. One can only hope he’s wrong, but the charts have a way of being stubbornly accurate.

“Don’t shoot the messenger. Just reporting on what the chart says until it says something different. Bear wedge completed with 2X target from the double top at 65,635,”

— Peter Brandt, March 28, 2025

Brandt’s chart illustrates Bitcoin’s rejection at $92,070, followed by a series of lower highs and a tightening wedge pattern that could make a snake envious. 🐍

The breakdown below $85,285 confirms the bearish trajectory, reinforcing concerns of a deeper correction. If BTC continues on this path, a retest of $75,000 could be on the horizon before it reaches the dreaded target of $65,635.

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As the selling pressure mounts, traders remain cautious, peering into the abyss of Bitcoin’s next moves. Will the bulls rise to reclaim their territory, or will further downside await, lurking like a shadow in the night? Only time, and perhaps a bit of luck, will tell.

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2025-03-29 04:09