Bitcoin new 'worst case scenario' puts BTC bear market bottom near $6K
Bitcoin (BTC) still risks a drop to below $7,000 this bear market, the latest worst case scenario prediction warns.
In its latest livestream broadcast on Nov. 24, trading platform Decentrader revealed targets for a BTC price bottom.
The most recent in a series of BTC/USD forecasts, Decentrader co-founder Filbfilb mapped out a potential sub-$10,000 dip on the cards for the pair.
“In my worst case scenario, I think that would be probably where we end up, like oldschool, rock-hard support,” he said about a bid zone around $6,500.
This is where buyers would “probably start refilling their bags,” he added, noting that that level was approximately double the 2018 bear market and March 2020 COVID-19 crash lows.
While “unlikely” under current circumstances, Filbfilb nonetheless argued that more significant repercussions from the FTX implosion could remove bid support higher up the order book, opening up the door for such a capitulation event.
“Until we have further information, that seems unlikely, and as I say, I think the fact that we haven’t dumped harder than we actually really could have done is a good sign for the bulls,” he continued.
Given recent events, as Cointelegraph reported, BTC/USD has in fact managed to dip 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 put an end to the current downtrend.
Filbfilb commented that for Bitcoin to put in a bottom while avoiding the worst case scenario, crypto would need to “dodge some bullets” regarding FTX fallout, and macro markets would also need to stay strong.
Elsewhere in the livestream, Decentrader co-founder Philip Swift, also the creator of data resource
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