On August 17, Bitcoin (BTC) faced a significant price drop, resulting in a massive $1 billion liquidation for derivatives traders. This is the largest liquidation event since the FTX collapse back in 2022. Despite the difficulty in pinpointing a specific reason for the sell-off, analysts speculate that confusion surrounding the alleged write-down of SpaceX's $373 million Bitcoin holdings may have played a role in triggering the decline.
Investors concerned about the extent of Bitcoin's potential fall
With the decline underway, investors now find themselves grappling with an important question: how low will Bitcoin's price go? Analysts are divided on the matter, and various opinions have emerged.
