The bottom of the bear market for Bitcoin is predicted to be about $6,000.
According to Filbfilb of Decentrader, if Bitcoin were to capitulate, the price would likely return to a level double that of the bear market’s 2018 low.
In this bear market, Bitcoin $16,591 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 aired on November 24.
An analyst notes that Bitcoin has “oldschool, rock-hard backing.”
In his most recent BTC/USD forecast, Decentrader co-founder Filbfilb predicted that the pair could fall below $10,000 in the near future.
In reference to a bid zone around $6,500, he remarked, “In my worst case scenario, I believe that’s probably where we wind up, like oldschool, rock-hard support.”
According to him, purchasers would “definitely start refilling their bags” at this level, which was about double the lows of the March 2020 COVID-19 meltdown 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 said. “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.
Recent developments have actually allowed BTC/USD to decline less from its prior all-time highs than it did during past bear markets.
Whether a further dive is required to match those bottoms and finish the present decline 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 maneuvers across market abysses
Philip Swift, a co-founder of Decentrader and the maker of the data source LookIntoBitcoin, discussed further recent chart occurrences elsewhere in 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.
According to Swift, this is a direct outcome of exchange withdrawals due to FTX.
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.
According to a comparison chart, BTC/USD is currently in the fourth year of its four-year cycle and is strongly correlated with the years 2014 and 2018.