In the meantime, Fundstrat’s Mark Newton believes that Bitcoin could slip below the $10,000 level
J. P. Morgan Researchers believe the price of the world’s largest cryptocurrency, Bitcoin, could drop to $13,000 due to the FTX disaster.
Notably, the American banking giant believes that Bitcoin will potentially drop below its production cost, which currency stands at roughly $15,000.
JPMorgan predicts that the market will have to deal with a “cascade of margin calls” triggered by the explosion of one of the largest cryptocurrency exchanges in the coming weeks.
On Nov. 9, the price of the largest cryptocurrency dropped to a new two-year low of $15,632.
bitcoin may fall below $10,000
Bitcoin It is now back back to $16,784, but many analysts believe the crypto king is likely to bottom out.
Mark Newton, Fundstrat’s head of technical strategy, has predicted that Bitcoin is likely to test the $13,000 level before any support.
However, Newton does not rule out that bears could manage to push the largest cryptocurrency below the $10,000 level when there is unusually high volatility.
