Bitcoin price prediction: How low can it drop?

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Bitcoin A gloomy mood in the cryptocurrency industry continued to strengthen prices on Monday. The coin was trading at $16,760, slightly up from last week’s low of $15,528. It is down more than 22% from its all-time high this month, making November a nightmare for the coin.

Depressed mood surrounds the crypto industry

bitcoin price Heavy pressure continued to mount on Monday as concerns about the cryptocurrency industry continued. Recently, the most importantcrypto news There was the collapse of FTX, the second largest exchange in the industry after Binance.

As a result, many cryptocurrency investors have decided to exit the industry altogether. In addition, other well-known and reputed companies like Voyager Digital and Celius have also gone bankrupt. As such, with FTX gone, there are concerns about which company will be next.

Recent Data Shows Investors Have Pulled Their Cryptocurrenciescrypto exchange Like Binance and OKEx. Also, Tether outflows have increased significantly over the past few days.

Still, there is a silver lining to the price of bitcoin and other cryptocurrencies. In the development of all industries, such busts are common. For example, in the early 1900s, tens of thousands of banks were closing each year. This ended after the establishment of the Federal Reserve.

Meanwhile, the same thing happened in the early 2000s when everyone was investing in dot com companies. It tragically ended after the dot com bubble burst, costing investors billions of dollars. Since then, companies like Google, Cisco and Amazon have flourished.

Therefore, a silver lining in FTX’s crash is that regulators will move into this area and set a guardrail to protect investors. While more companies are likely to go bankrupt, it is a necessary process to weed out bad apples.

bitcoin price forecast

is it safe buy bitcoin Now he? At this point in time, the situation is relatively fluid and I suspect there will be more negative headlines. The coin fell below the crucial resistance level at $18,156, the lowest level since October 13.

Bitcoin has also moved below all moving averages. It also created a dead cat hoop and a dead cat hoop last Friday. These patterns are usually signs of continuation. Hence, the coin may continue to decline in the near term as sellers attempt to break below the $15,000 support level. It will get worse before it gets better.

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