Bitcoin (BTC) fell to new yearly lows on Nov. 9 as crypto traders processed the news that Binance had pulled out of the deal to acquire struggling exchange FTX. “Due to company due diligence, as well as the latest reports of mismanaged client funds and alleged US agency investigations, we have decided not to pursue the potential acquisition of FTX.“, Binance said on its official Twitter page.
Bitcoin price bottomed out at $15,769, setting new yearly lows. Today, the price of BTC was trading at $16,640, down 5% in the last 24 hours. Bitcoin is currently down 75.9% from its all-time high of $69,000 reached in November 2021.
The next lows could be $13,800 or even $10,350.
Trader peter brandt, recalling bitcoin’s history of declines greater than 50% from its all-time highs, noted that bitcoin’s current decline from today’s low is only the fifth-worst bear market in history. . Notable declines from bitcoin’s highs include the 2018 bear market, which ran from December 2017 to December 2018, in which bitcoin saw a drop from highs of $19,765 to lows of 3 $148.
It should be noted that the current decline in Bitcoin as of today’s low is only the fifth worst bear market in history. An 80% decline would be 13,800 and an 85% decline would be 10,350. pic.twitter.com/84w8r9KeBf
— Peter Brandt (@PeterLBrandt) November 9, 2022
Then, from November 2013 to December 2015, during a bear market that lasted more than two years, bitcoin fell nearly 86% from a high of $1,177 to a low of $164. $.The 2011 bear market, which was the shortest but had the biggest impact, remains the biggest loss of all time. It lasted about five months. Bitcoin fell 93.8% from a high of $32 to a low of $2.
According to Peter Brandt, if bitcoin were to take the magnitude of the drop seen in previous bear markets, an 80% drop would imply a low of $13,800 and an 85% drop would imply $10,350.
JPMorgan predicts bitcoin could crash to $13,000, while analysts at Bloomberg and Fundstrat’s Mark Newton believe bitcoin could break below $10,000.