Bitcoin on Cusp of Dropping to New Two-Year Low

The price of Bitcoin has come awfully close to reaching yet another two-year low. 

Earlier today, the largest cryptocurrency plunged to as low as $15,784 on the Bitstamp exchange. 

This is just slightly above the current two-year low of $15,632 that was recorded on Nov. 9, the day cryptocurrency exchange Binance pulled out from the FTX deal

On Nov. 10, the largest cryptocurrency experienced a significant rally, adding 14% within a single day due to lower-than-expected inflation.

However, the cryptocurrency market started erasing its macro-driven gains on No. 11 after FTX Group filed for bankruptcy.

In a recent tweet, trader Jake Wujastyk says that he would be “shocked” if the Bitcoin price doesn’t at least test the Nov. 9 low within the next few days. 

As reported by U.Today, JPMorgan analysts recently predicted that the price of Bitcoin could collapse to as low as $13,000. Fundstrat’s Mark Newton believes that the price of Bitcoin could end up collapsing below the $10,000 level for the first time since November 2020.  

The Bitcoin price is now down 76.84% from its record high of $69,044 which was achieved last November.  

At press time, Bitcoin is trading at $16,211 after touching an intraday high of $16,552.

According to the fear-and-greed index, Bitcoin markets have succumbed to extreme fear once again. 

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Written by Alex Dovbnya on 2023-06-23 12:43:35.

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