Cryptocurrency expert predicts bitcoin’s fall to $ 12,000

Bitcoin’s attempts to break out of the bear market failed amid a liquidity crisis that affected the FTX cryptocurrency exchange. The flagship virtual asset has corrected to almost its two-year low.

Yesterday, on November 9, Kitco News analyst Jim Wyckoff suggested that the correction of bitcoin’s price will continue in the future due to the bear market. According to Wyckoff, the Binance-rozirvala-ugodu-pro-pokupku-ftx/">problems with FTX have undermined investor confidence, and the cryptocurrency market should continue to expect a «serious liquidity crisis.»

«The bears have quickly gained strength to put even more pressure on cryptocurrency prices to fall. The financial industry is suffering from the excitement in the cryptocurrency market, so investors are currently actively investing in gold and silver. At the same time, theprice of precious metals has increased,» the analyst said. The expert suggested that amid all the above events, bitcoin will be trading at $ 12,000 in the near future.

It is worth noting that many cryptocurrency investors believe that now is the best time to buy digital assets, as the bearish trend allows them to buy cryptocurrencies cheaper so that later trading deals can bring considerable profits. Also, amid the crisis in the cryptocurrency market, large mining companies are selling cryptocurrency mining rigs, hoping to cover losses due to the fall in the value of digital assets.

BTC is still falling — at the time of writing, the flagship cryptocurrency is trading at $ 16,639, which is 8.47% less than the previous day.