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.”
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.
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.
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.