According to JPMorgan experts, the FTX catastrophe may have caused the price of Bitcoin to plunge as low as $13,000.
The American financial behemoth JPMorgan predicts that Bitcoin, which currently costs about $15,000, might go below its production cost.
According to JPMorgan, the downfall of one of the biggest cryptocurrency exchanges would result in “a cascade of margin calls” that the market will have to deal with in the coming weeks.
The cost of the biggest cryptocurrency fell to a new two-year low of $15,632 on November 9. Potentially falling below $10,000 Although Bitcoin has now recovered to a price of $16,784, many analysts are of the opinion that it may soon fall even worse.
According to Mark Newton, head of technical strategy at Fundstrat, Bitcoin will likely hit the $13,000 mark before finding support. Newton does not, however, rule out the possibility that, in the event of very strong volatility, bearish could succeed in driving the largest cryptocurrency below the $10,000 mark.
Bloomberg’s Chief Analyst: Bitcoin may revisit $10,000 for a worse reason than the demise of FTX
According to respected commodities analyst Mike McGlone of Bloomberg Intelligence, the recent fall of FTX may not be the worst scenario for the cryptocurrency markets this year.
The collapse of Bankman-Fried’s exchange is probably what started this new element.
The tweet claims that as a result, Bitcoin may once again reach the $10,000 mark. According to McGlone, the current slide in the price of Bitcoin below the $18,000 mark and the price declines of altcoins may lead to the capitulation of sell stops in the majority of markets, which have been under pressure since the year’s beginning, resulting in the fall of macroeconomic dominoes.
According to a study by McGlone, the massive reversion of risk assets has become evident today as Bitcoin fell to the $17,600 region.
