Bitcoin (BTC) is still at risk of falling below $7,000 in this bear market, the latest worst-case prediction warns.
In its last live stream broadcast on Nov. 24, the DecenTrader trading platform revealed targets for a BTC floor price.
Analyst Points to “Old-School and Strong Support” for Bitc
The latest in a series of BTC/USD forecasts, Decentrader co-founder Filbfilb charted a potential drop below $10,000 in cards for the pair.
“At my worst, I think that would probably be where we would end up, like old school, rock hard support,” he said of a bid zone around $6,500.
This is where buyers would “probably start to fill their bags,” he added, noting that that level was roughly double the 2018 bear market and March 2020 COVID-19 crash lows.
While “unlikely” under the current circumstances, Filbfilb argued, however, that the more significant fallout from the FTX implosion could wipe out support for the bid further up the order book, opening the door for such an event. capitulation.
“Until we get more information, that seems unlikely, and as I say, I think the fact that we haven’t pulled any harder than we really could have is a good sign for bulls,” he continued.
Given recent events, as Cointelegraph reported, BTC/USD has, in fact, managed to fall less compared to its previous all-time highs than during previous bear markets.
An associated debate revolves around whether a deeper dive is necessary to match those bottoms and end the current downtrend.
Filbfilb commented that for Bitcoin to bottom out and avoid the worst case scenario, cryptocurrencies would have to “dodge some bullets” regarding the fallout from FTX, and macro markets would have to stay strong as well.
Elsewhere on the live stream, Decentrader co-founder Philip Swift, also the creator of the LookIntoBitcoin data resource, explained other recent graphical phenomena.
Among them was the growing number of Bitcoin wallets now holding at least 1 BTC, the account soon surpassing 1 million for the first time.
This is a direct result of the exchange withdrawals in light of FTX, Swift said.
Although 18 months from now, the upcoming Bitcoin block subsidy halving event in 2024 will also become a major narrative focus going forward, he added.
That, in turn, will have “some positive effect on the price in terms of media coverage and anticipation of the next halving event.”
A comparative chart showed that BTC/USD is currently at the bottom of its four-year cycle, showing a strong correlation between 2014 and 2018.
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