Bitcoin (BTC<\/a>) still risks a drop to below $7,000 in this bear market<\/a>, the latest worst-case scenario prediction warns.<\/p>\n In its latest livestream broadcasted<\/a> on Nov. 24, trading platform DecenTrader revealed targets for a BTC price bottom.<\/p>\n The most recent in a series of BTC\/USD forecasts, Decentrader co-founder Filbfilb mapped out<\/a>\u00a0a potential sub-$10,000 dip on the cards for the pair.<\/p>\n \u201cIn my worst case scenario, I think that would be probably where we end up, like oldschool, rock-hard support,\u201d he said about a bidding zone around $6,500.<\/p>\n This is where buyers would \u201cprobably start refilling their bags,\u201d he added, noting that that level was approximately double the 2018 bear market and March 2020 COVID-19 crash lows.<\/p>\n While \u201cunlikely\u201d 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.<\/p>\n \u201cUntil we have further information, that seems unlikely, and as I say, I think the fact that we haven\u2019t dumped harder than we actually really could have done is a good sign for the bulls,\u201d he continued.<\/p>\n Given recent events, as Cointelegraph reported, BTC\/USD has, in fact,\u00a0managed to dip less<\/a> compared with its previous all-time highs than during previous bear markets.<\/p>\n An associated debate revolves around whether a deeper dive is necessary to match those bottoms and put an end to the current downtrend.<\/p>\n Filbfilb commented that for Bitcoin to put in a bottom while avoiding the worst case scenario, crypto would need to \u201cdodge some bullets\u201d regarding FTX fallout, and macro markets would also need to stay strong.<\/p>\n Elsewhere in the livestream, Decentrader co-founder Philip Swift, also the creator of data resource LookIntoBitcoin, explained other recent chart phenomena.<\/p>\n Related:\u00a0Will Bitcoin hit $110K in 2023? 3 reasons to be bullish on BTC now<\/a><\/em><\/strong><\/p>\n Among them was the increasing number of Bitcoin wallets that now contain at least 1 BTC, the tally soon set to cross one million for the first time.<\/p>\n This is a direct result of exchange withdrawals in light of FTX<\/a>, Swift said.<\/p>\n Although 18 months ahead, the next Bitcoin block subsidy halving event in 2024 will also become a major narrative focus going forward, he added.<\/p>\n That in turn will have \u201csome positive effect on price in terms of media coverage and anticipation of that next halving event.\u201d<\/p>\nAnalyst flags \u201coldschool, rock-hard support\u201d for Bitc<\/h2>\n
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BTC price navigates bear market pits<\/h2>\n
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