While one analyst was saying “exit all markets”, another analyst’s Bitcoin price target is now at $13.5K. Bitcoin doesn’t care about FTX news. However, analysts warn that there will be significant losses in BTC and altcoins.
FTX CEO talks about ‘failure of corporate controls’
TradingView data showed that Bitcoin (BTC) saw only slight volatility at the Wall Street open. BTC has gotten used to the events around the FTX bankruptcy. This includes the latest Alameda Research disclosures that are exempt from liquidation when trading on the platform.
After Sam Bankman-Fried’s departure, new CEO John Ray III wasted no time admitting the scale of the problems that lay behind him. In a filing with the U.S. Bankruptcy Court for the District of Delaware, Ray describes corporate control of FTX as a ‘complete failure’. In line with this, John Ray wrote:
In my career, I have never seen corporate controls fail as completely as has occurred here. Also, I have never seen reliable financial information disappear so completely.
As you follow on Kriptokoin.com, US lawmakers are planning to hold a special hearing on FTX next month. The issue is reportedly efforts to extradite Bankman-Fried from the Bahamas.
“Exit all markets!”
BTC price action nevertheless managed to dodge the associated volatility, as evidenced by the modest response to the news of the contagion affecting Genesis Trading’s crypto lending arm on November 16. However, popular analysts analyzing the current climate were far from optimistic on 17 November. Crypto Tony shared:
The bulls really need to retrace $17,600 for it to slide long nicely. However, for now, the bears are in control.
Another veteran analyst, Crypto Capo, reiterated his warning that altcoins could see losses of up to 50%. Check out this article of Kriptokoin.com for the analyst’s successful predictions. The analyst was even more candid in his message to his followers, saying:
I repeat… “Exit All Markets”. Most people aren’t ready for what’s coming.
Bitcoin bid liquidity offers support at $13,500
Other analyst Titan of Crypto also has potential BTC downside targets. The analyst marks various high liquidity zones on the exchange order books. According to reviews, the largest of them is $ 13,500. In this context, the analyst makes the following statement:
While there is liquidity to hold around $18.5k, $17.2k and $15.5k, the larger is lower at $13.5k.
Meanwhile, analytics resource Material Indicators looks at the spot price on the Binance order book. Accordingly, he calculates the total bid liquidity between $13,000 and $195 million.
BTC order book data / Source: Material Indicators / Twitter
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