Analyst ‘Reflection’ warned of a brutal Bitcoin liquidation cascade below $59,000, claiming over $1.6 billion in long leverage is stacked in one zone around $58,000 based on CoinGlass data.
“In all my years trading, I’ve never seen this much long-side liquidity stacked in one single zone,” they said on Wednesday.
That liquidation zone is not far away, as Bitcoin fell to $59,175 on Wednesday, matching its early June low.
Everyone will get liquidated
The analyst continued to warn that “Every influencer who screamed ‘the bottom is already in’ is about to get liquidated.” They attached a liquidity heatmap video that visually demonstrates dense long-side positions, framing the potential wipeout as a classic liquidity hunt that historically forms macro bottoms.
“When that liquidity gets taken, there’s nothing left to dump. That’s how every macro bottom has formed.”
Over the past 24 hours, around 178,000 traders were liquidated, with the total liquidations comin
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