Bitcoin Breaks $20,000; $800 Million Liquidated In 24 Hours

Bitcoin, the world's biggest cryptocurrency, has broken $20,000 — a price level that was last seen on Oct. 7.

This has resulted in $805.6 million in cumulative liquidation, according to Coinglass.

The price of BTC as of 8:54 p.m. ET Tuesday stood at $20,125, while the trading volume of the leading crypto coin rose 62.98% in the last 24 hours, based on data from CoinMarketCap.

As per Coinglass, the liquidation due to BTC alone breaking $20,000 stood at $367.25 million, while the same for Ether (ETH) stood at $353.56 million, as the second-biggest cryptocurrency broke the $1,400 price and has been making a move toward $1,500 price resistance.

A crypto enthusiast who goes by the name Ian Dyer noted on Twitter that the trading volume for the leading cryptocurrency in the market is now "enough to push the price in one direction after weeks of super low volatility."

Finally enough volume to push the price in one direction after weeks of super low volatility. Shorts piled up and created a very one-sided market. That never ends well for the "consensus" side
— Ian Dyer (@IanDyerGuru) October 25, 2022

This sudden bullish surge came just hours after popular crypto analyst Michaël van de Poppe, who is also the founder and chief executive officer of trading firm Eight, predicted that Bitcoin will break into an upside in two to three weeks. He also said BTC is set to break $30,000 in the near future.

Within 2-3 weeks, #Bitcoin will break out significantly.

My take is the upside.

My guess is probably $30K.
— Michaël van de Poppe (@CryptoMichNL) October 24, 2022

Another crypto analyst and swing trader with the handle @CryptoCapo_ made a prediction Monday that BTC will reach $21,000 by the end of the week. "Market looking good for a last leg up. Higher highs and higher lows on ltf and demand being moved up," they said.

Additionally, the Bitcoin price prediction from Bitnation expects BTC at a minimum price of $24,159.45 or a maximum price of $36,239.18 by the end of 2022. However, the data is subject to changes in real time.

Moreover, the latest weekly newsletter "The Week On-Chain" from blockchain analytics firm Glassnode stated that the conviction of long-time Bitcoin holders remains unshaken.

"Despite being small in relative number, the conviction of Bitcoins die-hard believers is unshaken, and their balance continues to grow, through thick and thin," the newsletter said.