VIPS Finstock
VIPS Finstock 2 minutes reading from Bitcoin

JPMorgan Predicts Bitcoin to Fall to $13,000 Due to FTX Disaster

JPMorgan predicts that Bitcoin will fall to 13,000


JPMorgan Bitcoin BTC BitcoinCrash BTCUSD

According to JPMorgan researchers, the price of Bitcoin, the world's largest cryptocurrency, could fall to 13,000 as a result of the FTX disaster.


JPMorgan Bitcoin BTC BitcoinCrash BTCUSD

Notably, the American banking behemoth believes that Bitcoin will eventually fall below its production cost, which is currently around 15,000.


JPMorgan Bitcoin BTC BitcoinCrash BTCUSD

JP Morgan has predicted that the market will face "a cascade of margin calls" in the coming weeks as a result of the implosion of one of the largest cryptocurrency exchanges


JPMorgan Bitcoin BTC BitcoinCrash BTCUSD

The price of the largest cryptocurrency fell to a new two-year low of 15,632 on November 9.


Bitcoin BTC BitcoinCrash BTCUSD

Bitcoin has now recovered to 16,784, but many analysts believe the crypto king will fall further. Mark Newton, Fundstrat's head of technical strategy, believes Bitcoin will test the 13,000 level before finding support.


Bitcoin BTC BitcoinCrash BTCUSD

However, Newton does not rule out the possibility that bears will be able to push the largest cryptocurrency below 10,000 if volatility is unusually high


Bitcoin BTC BitcoinCrash BTCUSD

Follow @VIPS_Finstock for more crypto insights.

If you liked this thread, then - Like & Retweet the first tweet - Tag your crypto enthusiast friends

Join our Telegram channel -

Telegram: Contact @vipsfinstockofficial
This post is based on this twitter thread.


Please login to comment.