Cryptocurrency analysts predict bitcoin’s fall to record highs

Analysts at JPMorgan Investment Bank believe that bitcoin will continue to fall, as the crisis caused by the lack of liquidity on the FTX exchange could lead to «cascading liquidations.»

A team of JPMorgan financial experts led by strategist Nikolaos Panigirtzoglou emphasized that investors in the cryptocurrency market have only just begun to realize «the gravity of the situation» and that events continue to develop «too rapidly.» Analysts have called the current crisis «another stage in the reduction of margin positions» — it could lead to an even greater drop in the main cryptocurrency. At the same time, Panigirtzoglou and his team consider the cost of break-even BTC mining to be the bottom price of bitcoin.

«Currently, the cost of mining BTC is $ 15,000, but it is likely that bitcoin will reach the lowest values of the summer period, when its rate was down to $ 13,000,» the analysts emphasize.

In August, JPMorgan called digital assets «garbage». Umar Farouk, the bank’s head of digital assets, criticized the regulatory policy that «has not yet caught up with the cryptocurrency market.»

«We need cryptocurrencies, blockchain, and Web3 to mature. Then we will be able to use them, but now it is too early. Most of the funds invested in Web3 and the current infrastructure are speculative investments,» the top manager said.

It should be added that JPMorgan is not the only one predicting a crisis for bitcoin. Kitco News analyst Jim Wyckoff suggested that the correction of the BTC price will continue due to the bear market, all because of Binance-rozirvala-ugodu-pro-pokupku-ftx/" data-wpel-link="internal">problems with the FTX crypto exchange. The rate of the flagship cryptocurrency continues to fall — at the time of writing, the flagship cryptocurrency is trading at $ 16,703, which is 6.77% less than the previous day.