Bitcoin’s next low could be $13,800 or even $10,350, here’s why

Bitcoin (BTC) fell to new yearly lows on Nov. 9, as crypto traders dealt with the news that Binance had pulled out of the deal to acquire the troubled FTX exchange. “Due to the company’s due diligence, as well as the latest reports of mismanaged client funds and alleged investigations by U.S. agencies, we have decided not to pursue the potential acquisition of FTX“, Binance said on its official Twitter page.

The price of bitcoin has hit a low of $15,769, setting new annual lows in the process. Today, the price of BTC was trading at $16,640, down 5 percent in the past 24 hours. Bitcoin is currently down 75.9% from its all-time high of $69,000 in November 2021.

The next lows could be $13,800 or even $10,350.

Trader Peter Brandt, recalling bitcoin’s history of declines greater than 50% from its historical highs, noted that bitcoin’s current decline from today’s low is only the fifth worst bear market in history. Notable declines from bitcoin’s highs include the 2018 bear market, which ran from December 2017 to December 2018, during which bitcoin saw a drop from highs of $19,765 to lows of $3,148.

Then, from November 2013 to December 2015, during a bear market that lasted more than two years, bitcoin fell nearly 86% from a high of $1,177 to a low of $164.The 2011 bear market, which was the shortest but had the greatest impact, remains the biggest loss of all time. It lasted about five months. Bitcoin fell 93.8 percent from a high of $32 to a low of $2.

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According to Peter Brandt, if bitcoin were to take the magnitude of the drop seen in previous bear markets, an 80% drop would imply a low of $13,800 and an 85% drop would imply $10,350.

JPMorgan predicts that bitcoin could crash to $13,000, while Bloomberg analysts and Fundstrat’s Mark Newton think bitcoin could fall below $10,000.

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