Bitcoin (BTC) Tanks to New Lows as Analysts Predict Further Loss

| Updated
by Mayowa Adebajo · 2 min read
Bitcoin (BTC) Tanks to New Lows as Analysts Predict Further Loss
Photo: Depositphotos

With so many potential victims of the ongoing FTX saga, analysts have weighed in by delivering their crypto price predictions.

It has been a rocky year for Bitcoin (BTC) and the broader crypto market so far, and it appears things are not about to get any better soon. This follows after a Bloomberg report suggested that troubled crypto investment bank Genesis Global Trading, might be considering filing for bankruptcy. Although, a company representative has come out to debunk the rumors. The representative insists that Genesis is only focused on resolving the current situation without the need for any bankruptcy filing.

Nonetheless, the bankruptcy news sent BTC nose-diving to a new two-year low of $15,599, albeit immediately.

As of publication though, BTC price has gained some of its losses and was seen trading at $15,728, per CoinMarketCap data. But despite the appreciable gains, analysts believe that a further dip is not avoidable.

Analysts Give Bitcoin (BTC) Price Prediction

Without a doubt, the market is rife with fear even as traders remain on edge over the possible fallout from FTX’s recent collapse. For starters, BTC dipped to levels not seen since late 2020. There are also liquidity talks circulating about the $10.5 billion investment firm, the Grayscale Bitcoin Trust (GBTC) and many more top crypto firms.

Therefore, with so many potential victims of the ongoing FTX saga, it is only expected that analysts weigh in. Especially since crypto prices remain linked to the FTX topic.

To this end, analysts and traders alike have lined up their BTC price predictions for the short term. Surprisingly, most of them believe that prices are due to dip even further.

For instance, The London Crypto – a partner of ByBit exchange, insists that BTC will hit an ultimate low of $12,000. His prediction, however, is simply based on the history of previous all-time highs. They wrote in part:

“Studying our previous cycles’ highs vs lows, we can estimate the low for this bear to be the $10k-$12k range, followed by a high of $175k in 2024-2025.”

Also, recall that last month, veteran trader Peter Brandt predicted that BTC will bottom at the $13,000 mark before heading to new ATH. And quite similarly, popular Twitter commentator Sheldon the Sniper also sees BTC hitting lows within the same $12,000-$13,000 range.

Bitcoin News, Cryptocurrency news, News
Mayowa Adebajo

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.

Related Articles