So, I figured out on my own actually.
In the older Bitbucket( or the version that I had), the ssh url comes in this format ssh://email@example.com/ProjectName/RepositoryName.git
But, this url doesn’t work when you try to clone in studio.
Now, when I checked the url in new Bitbucket, I found the format was as below
So, you can see that now the git url and project name are seperated by ':’ instead of ‘/’ .
If you encounter the same issue just convert your ssh url to ssh://firstname.lastname@example.org:ProjectName/RepositoryName.git format and it should work.