Bitcoin price has been facing constant rejection at $17,000 and finely dropped heavily to hover around $16,500 in the past few days. While the possibility of a bullish close has evaporated to some extent, the upcoming days may also not offer any relief for the crypto space.
The markets have been a victim of constant negative events that compelled BTC prices to test new lows. However, before the bearish markets wind up completely, here’s when the last leg could be pulled down to mark the bottoms of the bear market.
The FTX-contagion has been spreading! Undoubtedly, the impact has not surfaced as of now but is expected to intensify very soon. The top exposed platforms of FTX ייַנבראָך were BlockFi and Genesis. Now that BlockFi has filed for bankruptcy, the next could be Genesis which is speculated to file somewhere in January.
As per a popular analyst, Bob Loukas, Genesis may file bankruptcy protection in early January which may be the catalyst for the Bitcoin bear market lows.
Source: https://coinpedia.org/news/will-genesis-become-the-catalyst-for-the-bitcoin-bear-market-lows/