Bitcoin: How Low Will It Go?

Nov. 08, 2022 5:15 PM ETBitcoin USD (BTC-USD)50 Comments

Summary

  • Bitcoin has broken its June low.
  • This comes amid liquidity concerns in FTX, a large crypto exchange.
  • Despite the unpredictable nature of this event, technical analysis has been pointing us down for quite some time.
  • Ultimately, I believe Bitcoin should test the Delta Price, which sits around $13,600.
  • This idea was discussed in more depth with members of my private investing community, Technically Crypto. Learn More »
Bitcoin in recession global market crisis stock red price drop arrow down chart fall, Money losing moving economic inflation deflation investment loss crash, 3d rendering

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Thesis Summary

Bitcoin (BTC-USD) has just sold off, going as far as breaking below the June low. This can be attributed partly to the recent debacle between FTX (FTT-USD), Alameda and Binance (BNB-USD).

However, this can also be explained by technical

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Disclosure: I/we have a beneficial long position in the shares of BTC-USD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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