In the crypto money market, it is dust and smoke again. The market turned red with the vertical drop of the leading crypto Bitcoin (BTC). This, in turn, has prompted analysts’ warnings that BTC has more room to go south. Is the journey of 12 – 13 thousand dollars, which has been seen as the bottom level for BTC for a long time, begins?
Analyst warned: Bitcoin could extend its decline to $13,000!
cryptocoin.comAs you follow, the leading crypto Bitcoin (BTC) made a good start to the new year, climbing from $ 16 thousand to $ 25 thousand. However, it lost traction in February and struggled to hold above $23,000. However, with the sales coming today, it fell to 22 thousand dollars with a loss of up to 6%. This brought lower levels to the agenda. In this direction, cryptocurrency analyst Jared Blikre says that Bitcoin’s recent collapse could continue up to $13,000 if another major failure occurs. The analyst warns investors that the decline is likely to deepen.
Also, the analyst believes that the FUD around Binance, the world’s largest crypto exchange, could be the black swan event that would trigger such a massive drop. Jared Blikre states that the last bearish candle is the largest candlestick seen in a long time. He also notes that it may take a long time to extinguish the leverage created in the cryptocurrency market.
Silvergate’s collapse triggered a sell-off in the market
cryptocoin.com As we reported, Bitcoin lost 6% of its value in less than an hour today. In this move, Bitstamp saw its intraday low of $22,000 on the exchange. The latest sale comes amid the collapse of Silvergate, a cryptocurrency-friendly bank whose shares took a massive 50% hit and hit an all-time low. The boom has shocked the cryptocurrency ecosystem, with major players like Coinbase scrambling to cut ties with the embattled bank.
Jared Blikre’s warning of a possible drop to $13,000 came amid the $210.14 million crypto liquidation in the past 24 hours. In this liquidation wave, long positions accounted for 96.78% of the total. After the recent crash, the leading cryptocurrency is trading at $22,400 on major spot exchanges. However, it is not yet clear whether Bitcoin will recover from this recent downturn or continue to decline.
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