According to analysts at JPMorgan bitcoin The price is likely to decline even below critical levels. The decline, which started with the problems in the FTX stock market, has stopped for the last few hours. However, there is a risk that the decline will continue. Here’s the analysts forecast.
America’s banking giant JPMorgan Analysts evaluated the price of Bitcoin, which found the main support around $15,000. According to analysts, the bearish potential could result in the $13,000 levels. The $13,000 scenario is pretty scary considering the $15,000 level is a critical support level.
Analysts also underlined that the panic in the FTX stock market was the main reason for this decline. According to JPMorgan analysts, the effect will continue in the coming weeks. Fear, uncertainty and doubt are likely to result in a ‘series of margin calls’ as a result.
According to CoinMarketCap data, Bitcoin dropped to a two-year low of $ 15,632 on November 9th.
Can Bitcoin Price Drop Below $10,000?
Koinfinans.com As we reported, Bitcoin is now back at $16,784 but many analysts have warned that BTC could drop further.
Mark Newton, head of technical strategy at Fundstrat, also gave his forecast. shared. Newton predicted that Bitcoin will test the $13,000 level before any support.
However, Newton also shared the possibility that in case of abnormally high volatility the bears could manage to push the biggest Bitcoin below the $10,000 level.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.