Fundstrat’s Mark Newton believes that Bitcoin price could slip below the $10,000 level
Notably, the American financial behemoth thinks that Bitcoin, whose price is currently at $15,000, may eventually go below its production cost. According to JPMorgan, the downfall of one of the biggest cryptocurrency exchanges would result in “a cascade of margin calls” that the market will have to deal with in the coming weeks. The Bitcoin price fell to a new two-year low of $15,632 on November 9.
At the time of writing, BTC is changing hands at $17,411.
BTC/USD 4-hour chart | Source: TradingView
Although Bitcoin has now recovered to a price of $16,784, many analysts are of the opinion that it may soon fall even worse. According to Mark Newton, head of technical strategy at Fundstrat, Bitcoin will likely hit the $13,000 mark before finding support. Newton does not, however, rule out the possibility that, in the event of very strong volatility, bearish could succeed in driving the largest cryptocurrency below the $10,000 mark.
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