Bitcoin's recent crash has prompted warnings from analysts, including Jared Blikre, who says that the cryptocurrency could plunge to $13,000 if another major failure occurs.
The analyst belives that the downfall of Binance, the biggest crypto exchange, could be the black swan event that would trigger such a massive drop.
Blikre, who made the comments on Yahoo Finance, noted that the recent down candle is the biggest seen in a long time.
He also remarked that it could take a long time to deflate the leverage built up in the cryptocurrency system.
As reported by U.Today, Bitcoin lost 6% of its value in less than an hour earlier today, hitting an intraday low of $22,000 on the Bitstamp exchange.
Alex DovbnyaBlikre's warning of a potential crash to $13,000 comes amidst $210.14 million in crypto liquidations over the past 24 hours, with long positions accounting for 96.78% of the total.
After the recent crash, the world's largest cryptocurrency is trading at the $22,300 level on major spot exchanges.
It remains to be seen whether Bitcoin will recover from this latest setback or if it will continue to decline.
Arman Shirinyan
Dan Burgin
Vladislav Sopov