Bitcoin’s $250K ‘Prophecy’ Under Fire as Bulls Suffer $487M Liquidation Wipeout

Key Takeaways

• Bitcoin briefly fell below $84,000 as crypto markets recorded approximately $487 million in long liquidations over 24 hours.

• The sell-off followed the Oct. 5 bottom date implied by a viral anonymous cycle forecast.

• The separate $250,000 target would require Bitcoin to rally approximately 197% from its current price.

Bitcoin briefly dropped below $84,000 early on Oct. 7 as leveraged bullish bets unraveled, putting renewed pressure on a viral "prophecy" linked to a $250,000 price target.

But the prediction has a bigger problem than this week's selling, as Bitcoin's reported July low remains substantially below prices around the forecast's October deadline.

Bitcoin Sell-Off Hits Bullish Traders

Bitcoin traded as low as approximately $83,800 during the overnight decline.

CoinGlass data showed $555.6 million in crypto liquidations over 24 hours, including $487.2 million in long positions.

When a leveraged trader's collateral becomes insufficient, an exchange can forcibly close the position, potentially adding selling pressure during a decline.

The liquidation wave puts the forecast back under scrutiny as bullish traders face another sharp reversal after its projected bottom date.

The 'Prophecy' Pointed to Oct. 5