Bitcoin

Bitcoin Price Crash! BTC Price to Hit $15K in Coming Days Predicts Bitmex CEO

Author: Sohrab Khawas

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    Story Highlights
    • Crypto values plummeted due to the recent tussle between FTX and Binance.

    • Bitcoin lost its grip over the $20k mark and the bears even managed to breach $18,500

    Market participants are now dreading that the worst isn’t over for the crypto space. 

    A famous cryptocurrency strategist and trader recently forecasted that Bitcoin must first decline by 30% with a $15K drop in 2023 before it has any chances of a revival.

    bitcoin org has broken through a crucial support zone multiple times in 2022, increasing the risk of greater drops. While BTC is expected to rally in 2023, the first half might be nothing less than a massacre.

    Bitcoin Price Nosedives

    The former CEO of BitMEX, arthur hayes , has turned to Twitter to predict that Bitcoin is expected to hit $15k in 2023. 

    The analyst declared that he had purchased Bitcoin put options with a strike price of $15,000, and claimed they will no longer be valid in a few months from now. 

    FTX’s liquidity dips

    Several people assumed that the bear market had reached its bottom, however, the Bitcoin price is reacting to FTX’s stress by attempting to reach a new annual low. 

    Hayes’s tweet came after the biggest cryptocurrency’s price earlier today fell to $19,244 on the Bitstamp exchange as a result of the FTX outbreak.   

    On the other hand, when Binance revealed it had achieved an agreement to acquire FTX, the acquisition boosted the cryptocurrency markets, and Bitcoin regained the $20,000 mark.

    Short-term price reversal

    However, the momentum did not last long and there was a new round of catastrophic events. This led the leading cryptocurrency to reverse its direction as it is currently trading at an intraday low of $18,943.

    Given the present volatility, $614 million in BTC longs is at risk of being liquidated, with over $224 million already being forced to sell on November 8.

    Further, Bitcoin experienced a volatile 12% collapse in 24 hours, touching 2022 record lows, as traders sold off in preparation for the November 10 CPI reporting event. 

    Expectations for 2022–2023

    FTX’s capital crisis and investor anxieties from previous insolvencies are driving crypto market prices down.

    In the meantime, investors’ appetite for risk is likely to remain low for a while now, and potential crypto traders may consider waiting for signals that U.S. inflation has peaked and the regulatory environment has stabilized. 

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