Bitcoin, the world’s most popular cryptocurrency, has recently experienced a severe downturn, prompting analysts to sound the alarm about what could happen in the near future.
Financial analyst Jared Blikre told Yahoo Finance that the price of Bitcoin could plummet to $13,000 if a major event occurs.
“if #Binance fail, #bitcoin May drop to $13,000,” Yahoo Finance analysts say https://t.co/WcTJQiaLHE
— Kyptos (@azcoinnews) March 4, 2023
Blikre warned that the recent Binance crash could be a “black swan” event that could lead to a severe downturn in the crypto market. This would cause the value of Bitcoin to plummet, causing losses to investors.
Recent reports from Kyptos It shows that the price of Bitcoin fell by 5.5% in one hour, touching as low as $22,000. Blikre pointed out that this is the largest red candle in more than two weeks, which may indicate that the cryptocurrency is about to experience a sharp decline.
One of the reasons analysts are worried about Bitcoin’s future is the recent liquidation of long positions by futures traders. According to the report, more than $203 million in long positions were liquidated in the past 24 hours, with more than 96% of positions closed.
At the time of writing, the bitcoin price is hovering around $22,380, but it remains to be seen whether the current downturn is just a temporary setback or the start of a longer-term decline.
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according to Kyptos
