Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » ‘Worst case scenario’ predicts Bitcoin bear market bottom as close to $6k in BTC.

‘Worst case scenario’ predicts Bitcoin bear market bottom as close to $6k in BTC.

Hania by Hania
July 3, 2023
in Bitcoin News, General News
Reading Time: 4 mins read
A A
0
‘Worst case scenario’ predicts Bitcoin bear market bottom as close to $6k in BTC.
Share on FacebookShare on Twitter
ADVERTISEMENT

According to Decentrader Filbfilb, a Bitcoin capitulation may cause the price of BTC to drop down to a level twice as low as the bear market’s 2018 low.

In this bear market, Bitcoin still has the possibility of falling below $7,000, according to the most recent worst-case scenario forecast.

Trading platform DecenTrader announced targets for a BTC price bottom in its most recent Livestream, which was broadcast on November 24.

An analyst notes that Bitcoin has “old school, rock-hard support.”

You May AlsoLike

Polymarket Bets

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025

The most recent in a string of BTC/USD predictions, Decentrader co-founder Filbfilb projected a possible dip for the currency below $10,000.

In reference to a bidding range around $6,500, he remarked, “In my worst case scenario, I believe that’s probably where we wind up, like old school, rock-hard support.”

According to him, buyers would “probably start refilling their bags” at this level, which was roughly double the lows of the March 2020 COVID-19 crash and the 2018 bear market.

'Worst case scenario' predicts Bitcoin bear market bottom as close to $6k in BTC.

Filbfilb said that additional severe effects from the FTX implosion could eliminate bid support higher up the order book, creating the possibility of such a surrender event, even though they are “unlikely” in the current situation.

That seems unlikely until we have more information, he stated. “As I said, I think the fact that we haven’t dumped harder than we truly really could have done is a good indicator for the bulls.

According to recent developments, BTC/USD has actually managed to dip less in relation to its prior all-time highs than during prior bear markets.

'Worst case scenario' predicts Bitcoin bear market bottom as close to $6k in BTC.
Source: Glassnode

Whether a deeper dive is required to match those bottoms and end the ongoing downtrend is a related topic of discussion.

For Bitcoin to reach a bottom and avoid the worst-case scenario, according to Filbfilb, crypto would need to “dodge some bullets” related to FTX fallout, and macro markets would also need to remain robust.

BTC price navigates bear market chasms

Philip Swift, a co-founder of Decentrader and the maker of the data source LookIntoBitcoin, highlighted other noteworthy chart occurrences throughout the Livestream.

One of them was the rising number of Bitcoin wallets that currently contain at least one Bitcoin, with the total soon to pass one million.

In light of FTX and Swift, this is a direct outcome of exchange withdrawals.

Even though it’s 18 months away, the subsequent block subsidy halving event for Bitcoin in 2024 will also become a significant narrative emphasis, he continued.

Consequently, “some positive influence on pricing in terms of media coverage and anticipation of that next halving occurrence” will follow.

A comparison chart revealed that BTC/USD is currently in the fourth year of its four-year cycle and that there is a significant association between 2014 and 2018.

Source: Decentrader
Tags: bear marketBTCcrypto news
Share76Tweet47
ADVERTISEMENT
Previous Post

U.S. Crypto Tax: 5 Most Frequently Asked Questions

Next Post

UK bank Starling restricts crypto-related purchases

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Polymarket Bets
General News

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade
General News

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025
Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve
General News

Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve

February 28, 2025
MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana
Crypto Wallets

MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

February 28, 2025
Bitcoin Bull Run Could Continue, says CryptoQuant CEO - Unless This Critical Threshold Is Breached
General News

Bitcoin Bull Run Could Continue, says CryptoQuant CEO – Unless This Critical Threshold Is Breached

February 28, 2025
Solana Futures Launch at CME Boosts Price Amid High Demand
General News

Solana Futures Launch at CME Boosts Price Amid High Demand

February 28, 2025
Next Post
UK bank Starling restricts crypto-related purchases

UK bank Starling restricts crypto-related purchases

Discussion about this post

Live Prices

You have not selected any currency to display

Stay Connected

You May Also Like

  • Bitcoin Halving Update: Bitwise CEO's $100k Price Projection Sparks Excitement

    Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    239 shares
    Share 96 Tweet 60
  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    197 shares
    Share 79 Tweet 49
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    196 shares
    Share 78 Tweet 49
  • OKB Price Prediction 2023 – 2030: Will OKB reach $200?

    201 shares
    Share 80 Tweet 50
  • November’s Bitcoin Price Forecast: A Bullish Odyssey

    196 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.