Despite a dramatic fall to $65,000, which wiped out $925 million in trades, Bitcoin influencer Ben Armstrong remains optimistic about a potential rally to $100,000, even as market volatility persists.

Market Turmoil Intensifies as $925 Million in Crypto Liquidations Coincide with Global Economic Uncertainty

According to Coinglass (via CoinGape), approximately $925 million in bullish cryptocurrency bets were liquidated in the last 24 hours, representing the largest drop in the past month. The financial landscape experienced turbulence on Friday as geopolitical tensions rose, prompting investors to seek refuge in traditional safe-haven assets such as bonds and the dollar.

However, this correction has occurred across asset classes, with the S&P500 and even the gold price retracing alongside crypto. This suggests that investors are also considering CPI and inflation concerns, as the chances of the Fed cutting interest rates are decreasing significantly.

Rising Implied Volatility Signals Growing Market Pessimism Amid Upcoming Bitcoin Code Adjustment

A key gauge closely monitored in the options market is beginning to show growing apprehension among speculators ahead of a significant Bitcoin code adjustment, which has historically been bullish for the cryptocurrency.

According to a Kaiko Research report, implied volatility for Bitcoin options rose last weekend, reversing the previous week's downward trend. According to Adam McCarthy, a research analyst at Kaiko, this increase typically indicates a decrease in market participants' confidence in price direction. Rising implied volatility frequently leads traders to pay more to hedge existing positions or speculate on future price movements, whether upward or downward.

Bitcoin's volatility increased on Friday, with swings exceeding 8% amid global financial market turmoil caused by heightened geopolitical risks.

Kaiko noticed a significant increase in implied volatility for contracts expiring in the next two weeks, which jumped from 59% to 71% in just two days. This surge suggests that investors are becoming more concerned about near-term volatility.

McCarthy added: "In this case, it's likely to be more bearish because traders are uncertain but willing to pay more for options to protect themselves from price swings." They may be paying high premiums for downward protection.

Aside from Bitcoin, the altcoin market is experiencing an even deeper correction. Ether, the second-largest cryptocurrency after Bitcoin, fell by up to 12% at its lowest point, marking the most significant intraday decline since November 2022. Solana and Dogecoin followed suit, declining by 12% and 13%, respectively. Similarly, Cardano and Polkadot experienced significant declines, with each falling around 15%.

Despite Market Plunge to $65,000, Crypto Influencers Hold Firm on Bitcoin's Rally to $100,000

In the latest report by CoinGape, Bitcoin's (BTC) price recently fell to $65,000, shaking investor confidence amid widespread market selloffs. However, Ben Armstrong, also known as BitBoy Crypto, remained optimistic about Bitcoin's future. Despite the setback, Armstrong took to X to reassure his followers that Bitcoin is still on track to reach the coveted $100,000 milestone this year.

Armstrong commented on the day's events, acknowledging the market's unpredictable nature. He stated that, while Bitcoin's movement defied his expectations, such fluctuations are common in the volatile nature of cryptocurrency trading. "Win some, lose some," he said, highlighting Bitcoin's resilience in the face of market volatility.

Earlier, he predicted that the price of Bitcoin would make a "big move" today. However, his expectations were dashed when the entire cryptocurrency market crashed dramatically. Meanwhile, Armstrong's unwavering belief in Bitcoin's long-term prospects is consistent with sentiments expressed by other prominent figures in the crypto community.

Crypto analyst Michaël van de Poppe highlighted the ongoing bull cycle. He also stated that the recent downturn provides an opportunity for investors to capitalize on discounted altcoins. He emphasized that many of these altcoins are trading at significantly lower prices than Bitcoin.

Van de Poppe's analysis supports the widely held belief that Bitcoin's market dominance will eventually pave the way for a larger altcoin rally. Furthermore, the analyst stated that the bull run is not yet priced in, as the Bitcoin price has been rallying due to the positive response to the newly launched Spot Bitcoin ETFs.

Furthermore, the upcoming halving event could catalyze Bitcoin's price increase, fueling investor optimism. With the limited supply of new Bitcoin, there is hope for a supply-driven rally that will propel the cryptocurrency to new heights.

Bitcoin Recovers to $67,000 After Sharp Drop, Despite Heavy Liquidations Impacting Market

After falling to a low of $65,000 earlier in the day, the Bitcoin price recovered significantly and remained above $67,000. At press time on Saturday, April 13, the BTC price had fallen 4.67% to $67,400.43. Meanwhile, it had a market value of $1.32 trillion.

In contrast, BTC's trading volume increased 61.97% to $48.06 million in the last 24 hours. Massive long liquidations caused the value of Bitcoin to plummet. According to Coinglass data, $186.13 million worth of Bitcoin was liquidated in 24 hours. Longs were responsible for a massive $136.40 million liquidation, which sparked the recent market crash.

Furthermore, the Bitcoin open interest fell 5.85% to $35.55 billion, indicating that even derivatives traders are exiting their positions. Furthermore, the expiration of the BTC options triggered the most recent bearish turn.

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