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

JPMorgan predicts that Bitcoin will fall to 13,000

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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.

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

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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

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

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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.

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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

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