Operators such as OKX, Crypto.com or Gemini have seen important exit movements in recent days and in some cases they have had to pause cash withdrawals by their clients.
In this scenario, there are firms like JP Morgan who already anticipate a fall in the price of Bitcoin to levels of $13,000a figure that would be below its production price, which is estimated at around $15,000.
“At the moment, this production cost stands at $15,000, but it is likely to touch the low of $13,000 again seen in the summer months”, say the experts of the american bank.
Nikolaos Panigirtzogloustrategist of JP Morgan Global Marketsconsiders that “what makes this new phase of cryptocurrency deleveraging induced by the FTX crash more problematic is that the number of entities with stronger balance sheets able to bail out those with low capital and high leverage is shrinking.
Mark Newton, Fundstrat’s chief strategist, has pointed out that bitcoin will test the $13,000 in the next days. Likewise, does not rule out that the reigning cryptocurrency falls below $11,000 if there is “unusually” high volatility in the market.
César Nuez, technical analyst at Bolsamanía, believes that the Cryptocurrency technical analysis prospects are very poor and appear “very likely” that we can end up seeing an extension of the dips to the $12,300 level.
Source: Ambito
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