Here the author of the topic has some confusion in terms. 1x leverage is margin trading, that is, trading using borrowed funds from the trading platform. And you can be liquidated both long and short if you don't use a stop loss. If you use a stop loss, there will be no liquidation.
    But the author seems to be asking about trading without leverage, that is, without borrowed capital. If you buy a spot asset without leverage, liquidation is not possible, but a drawdown may be so significant that it could be equivalent to liquidation. For example, a drawdown of 99%. If we mean buying perpetual Bitcoin futures without leverage, then there is no liquidation, but in the long term such assets gradually degrade in price, no matter in which direction they open due to constant rebalancing.