Hi, I've taken a bit of a gamble by buying Bitcoin with a 3X leverage that I was planning to YOLO all the way up to ~$80k - $90k BTC on the basis that I didn't think BTC would go back to 33% below where I initially bought in any time in the near future. I bought in when Bitcoin was around the 20 week MA so this has fared well so far but I realise this was a risky move, particularly considering I don't actually fully understand leveraged trading.

I'd always assumed that if in order to be liquidated BTC would need to go down 1/3 from my initial buy in but I just had a thought that got me concerned.

Let's say for arguments sake that I bought in $1000 with BTC price at $10,000 which has now doubled to $2,000 after Bitcoin went up to $13,333 (I'm not sure that my math is right but anyway).

I would assume that Bitcoin would have needed to go down $6,666 in order for my initial stake to be liquidated and I was assuming that this would still be the amount that Bitcoin would need to go to, however now I'm a bit worried that my initial stake is irrelevant and that Bitcoin would need to drop 33% from the $13,333 that it's at now in order for me to be liquidated meaning that no matter how high Bitcoin goes, if it goes down 33% from that high I could be liquidated.

Just in case that explanation wasn't clear enough, if you bought 1 BTC at a 2X leverage when BTC was $10k in October last year and rode it all the way up to $65k and you had something like $120k BTC at that point, would you then have been liquidated when BTC dropped  over 50% to $29k or would your BTC have just gone down to the same as it would have been at $29k on the way up?

Is it possible that somebody could confirm which of these is correct please?

Thanks