Will Bitcoin (BTC) Continue Downfall? Analyst Warns This Could Happen!

Bitcoin (BTC) His latest fall after the Silvergate Bank incident, among them by Jared Blikre Analysts, including the company, said that if another major negative situation occurs, the cryptocurrency will be for $13,000 led them to warn that it could fall as low as

Analyst Jared Blikre Predicts Bitcoin (BTC) Could Drop to $13,000

The analyst believes that the collapse of Binance, the largest crypto exchange, could be the black swan event that would trigger such a massive drop.

Commenting on Yahoo Finance, Blikre noted that the last bearish candle is the largest candlestick seen in a long time.

Blikre also stated that it may take a long time to extinguish the leverage accumulated in the cryptocurrency system.

The latest sell-off comes amid the collapse of Silvergate, a cryptocurrency-friendly bank whose shares fell by a massive 50% to an all-time low.

This collapse, where big players like Coinbase struggled to cut ties with the struggling bank, caused shock waves in the crypto money ecosystem.

Silvergate also lost many companies with which it did business in the cryptocurrency market. These include giant crypto representatives such as Coinbase, Circle, Paxos, Galaxy, CBOE.

Silvergate said in a legal filing Wednesday that it would not be able to submit its annual report to the Securities and Exchange Commission (SEC) in a timely manner.

Blikre’s warning of a potential collapse to $13,000 came amid $210.14 million in crypto liquidation over the past 24 hours, with bullish positions accounting for 96.78% of total positions.

It is not yet clear whether Bitcoin will rebound or continue to decline after this latest setback.

*Not investment advice.

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