Bitcoin, Ethereum Liquidations Hit $704M In 24 Hours—And $70,000 Could Break, Polymarket Predicts

Bitcoin (CRYPTO: BTC) traders are bracing for much symptom aft liquidations reached $704 cardinal successful a azygous 24-hour period. The crisp sell-off has crypto investors turning to prediction markets for clues connected wherever the bottommost mightiness be.

Polymarket is presently flashing informing signs for the contiguous future.

The “What terms volition Bitcoin deed successful February?” market, which has already cleared $14 cardinal successful volume, present places a 56% probability connected Bitcoin sliding to $70,000 oregon beneath earlier the period is out.

Conversely, the likelihood of a betterment to the $85,000 level this period person dropped to 41%.

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The outlook for the remainder of the twelvemonth suggests a recovery, but with important downside risk.

According to the “What terms volition Bitcoin deed successful 2026?” market, traders spot a 74% accidental that Bitcoin volition interaction $65,000 astatine immoderate constituent this year.

While the bulk of bettors (59%) inactive judge Bitcoin volition yet recapture the $100,000 milestone earlier 2027, the condemnation for a monolithic breakout is waning; the likelihood of hitting $150,000 this twelvemonth person dwindled to conscionable 14%.

Geopolitical uncertainty has sparked a formation to accepted harmless havens, with economist Mohamed El-Erian noting that golden has outperformed Bitcoin implicit the past 5 years and whitethorn beryllium doing it again successful 2026.

Commentators person linked the autumn to fears that the prospective caller Fed Chair plans a smaller Fed footprint and reduced liquidity.

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Political winds whitethorn beryllium adding to crypto’s woes. Senator Elizabeth Warren (D-Mass.) called it “corruption” aft reports emerged of a $500 cardinal UAE concern successful a Trump-affiliated crypto firm.

The contention could beryllium feeding into broader disillusionment with crypto’s regulatory outlook and organization adoption narrative.

Adding substance to the bearish fire, Michael Burry of “The Big Short” fame argued that Bitcoin has “no integrated usage case” to halt its descent.

The operation of macro headwinds, salient skeptics, and overleveraged positions created a cleanable tempest for cascading borderline calls.

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Crypto-exposed stocks similar Coinbase Global Inc (NASDAQ:COIN) and MicroStrategy Inc (NASDAQ:MSTR) person mirrored Bitcoin’s decline. MicroStrategy, which holds implicit 700,000 Bitcoin connected its equilibrium sheet, whitethorn look renewed scrutiny if prices proceed sliding.