Bitcoin Recovers And Whipsaws

It’s hard to believe that just a little over two months ago, $BTC.X and the broader crypto market experienced the single largest WTF moment in crypto history: FTX’s collapse. 😲

When CZ Tweeted on November 6, 2022, that Binance would be offloading its entire $FTT.X stake, it triggered a swift collapse of the entire crypto market. 

Over a fifteen-day period, Bitcoin dropped from $21,300 to where it bottomed at $15,473 – a -27.36% drop. 

Fast forward to today, and Bitcoin has recovered all of the post-FTX losses and hit a new 4-month high. 

Click to enlarge.

Will Bitcoin continue to push higher, or will selling pressure return? There are arguments for both sides, but we’ll tackle the long and short-term outlook analysts see for the broader cryptocurrency market in Friday’s Litepaper. 👀

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