Bitcoin Could Be Heading to New Lows. Here’s Why.

It’s been a brutal year for anything considered a risk-on asset, and bitcoin and cryptocurrencies more broadly are no exception. 

The group has been hammered, while some of bitcoin’s biggest advocates — like Cathie Wood and Elon Musk — have been steamrolled via their own assets, like the ARK Innovation ETF  (ARKK) – Get Free Report and Tesla  (TSLA) – Get Free Report.

Of course, the blowout from the FTX scandal didn’t help, as trust must be at or near an all-time low for crypto.

As for bitcoin specifically, the charts don’t look all that constructive.

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