VOT Research Desk
As Genesis issued yet another warning late Monday night that it is running out of financing and is having problems finding investors to back its services, the price of bitcoin (BTC) is under pressure.
After the FTX forces the trembling of the cryptocurrency area into its core, the digital-asset brokerage may be the next victim.
While trying to survive, crypto lender BlockFi is watching its cash position dwindle at a painful rate. As a result of FTX and the damage to the reputation of cryptocurrencies, many analysts and traders are raising concerns about the price of Bitcoin.
The chief global strategist at BCA Research, Peter Berezin, predicted that Bitcoin would reach $5,000 in the coming weeks in a note.
According to him, the FTX meltdown the events that will take place in the upcoming months seem more like an Enron incident than a Lehman Brothers incident.
Fortunately, the price of BTC is not even close to that $5,000 mark, but there are still warning signs. Red traffic lights should not be disregarded include the break below $16,020, the crucial level from November 6, 2020, the slip below $16,000, and the breach of the monthly S3. The option exists for a decrease of around 22%, or nearly $12,536, by August 18, 2020.
