JPMorgan’s team, led by Nikolaos Panigirtzoglou, predicted that the price of bitcoin could drop to $13,000 due to the turmoil following the FTX collapse.
The cost to produce BTC has also fallen considerably, which could be another reason for the asset’s potential downfall.
A Grim Forecast
An analysis team of the Wall Street bank estimated that the ongoing crash of the crypto market could intensify in the following days and lead to a further decline in bitcoin’s valuation. The experts determined that FTX’s crisis and the disruption of its sister company Alameda Research triggered a “cascade of margin calls” that could push the price of the primary cryptocurrency to as low as $13,000.
JPMorgan’s team opined the main problem is not the calamity of Sam Bankman-Fried’s exchange but the fact that there are not many organizations able to help:
“What makes this new phase of crypto deleveraging induced by the apparent collapse of Alameda Research and FTX more problematic is th
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