Bitcoin about to fall to two-year low

Earlier in the day, the largest crypto-currency plunged to $15,784. That’s slightly higher than the low of $15,632 recorded on Nov. 9, the day crypto-currency exchange Binance pulled out of the exchange. FTX.

On Nov. 10, the largest crypto-currency experienced a major rally, gaining 14 percent in a single day on lower-than-expected inflation. However, the crypto-currency market began to erase its macro-induced gains on the 11th after FTX Group filed for bankruptcy.

In a recent tweet, trader Jake Wujastyk states that it would be “shocked“if the bitcoin price did not at least test the November 9 low in the next few days.

Analysts at JPMorgan recently predicted that the price of bitcoin could crash to $13,000. Mark Newton of Fundstrat believes that the price of bitcoin could end up collapsing below the $10,000 level for the first time since November 2020.

The price of bitcoin is now down 76.84 percent from its record high of $69,044 last November. At press time, bitcoin is trading at $16,211 after hitting an intraday high of $16,552.

According to the Fear & Greed crypto index the bitcoin markets have succumbed to extreme fear once again.