{"id":36362,"date":"2022-11-27T03:51:03","date_gmt":"2022-11-27T03:51:03","guid":{"rendered":"http:\/\/egrowonline.com\/?p=36362"},"modified":"2022-11-27T03:51:03","modified_gmt":"2022-11-27T03:51:03","slug":"how-low-can-the-bitcoin-price-go","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=36362","title":{"rendered":"How low can the Bitcoin price go?"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) has spent over a year in a downtrend since its $69,000 all-time highs in November 2021.<\/p>\n

BTC price performance has given investors up to 77% losses, but how much lower can BTC\/USD really go?<\/p>\n

Bitcoin traders and analysts have long agreed that 2022 is the year of the largest cryptocurrency\u2019s newest bear market.<\/p>\n

After coming off all-time highs to start the year at around $46,000, BTC\/USD has offered little relief and has since returned to levels not seen since November 2020, data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0confirms.<\/p>\n

That has placed the pair in historical bear market bottom territory \u2014 having lost a maximum of around 77% since the most recent peak, Bitcoin could have little room left to fall.<\/p>\n

This time, however, may be different. Cointelegraph takes a look at what some of the most popular crypto market commentators think when it comes to where Bitcoin will bottom.<\/p>\n

CryptoBullet: \u201cComfortable buying\u201d around $16,000<\/h2>\n

One well-known social media personality is sticking by a theory from earlier in 2022 \u2014 and it\u2019s all about one particular on-chain metric.<\/p>\n

For CryptoBullet, Cumulative Value Days Destroyed (CVDD) still offers a key insight into macro BTC price bottoms.<\/p>\n

CVDD essentially counts how much \u201chodled\u201d days a coin has accumulated when it moves to a new wallet. It is expressed as a ratio to the overall age of the market, divided by 6 million, which analytics resource Woobull explains<\/a> is a \u201ccalibration factor.\u201d<\/p>\n

Looking back in time, CVDD has acted as a significant line in the sand, and if this time is no different, BTC\/USD could already be giving buyers the best possible profit opportunity.<\/p>\n

According to Woobull, CVDD currently lies at around $15,900.<\/p>\n

\u201cI feel comfortable buying Bitcoin here at CVDD,\u201d CryptoBullet told<\/a> Twitter followers on Nov. 26. <\/p>\n

\u201cCan it go lower? Of course it can. If another crypto company goes bankrupt or something like that $BTC will fall below CVDD, but not by much. The bulk of the downtrend is over.\u201d<\/p><\/blockquote>\n

Bitcoin Cumulative Value Days Destroyed (CVDD) annotated chart. Source: CryptoBullet\/ Twitter<\/em><\/figcaption><\/figure>\n

Filbfilb: $6,500 as \u201cworst case scenario\u201d<\/h2>\n

An old hand in the crypto market is constantly reevaluating just how bad the bears may bite this time around.<\/p>\n

Filbfilb, co-founder of trading suite Decentrader, recently told<\/a> Cointelegraph that BTC\/USD could see $10,000 around the new year if macro conditions worsen.<\/p>\n

That was before the FTX debacle, however, and the resulting fuel added to the bear market fire has caused him to reconsider.<\/p>\n

In a\u00a0livestream together with fellow co-founder, Philip Swift, Filbfilb thus outlined areas of strong bid support<\/a> as potential bottoms.<\/p>\n

These vary, however \u2014 a large \u201cladder\u201d of bids lies just below spot price and focuses on $12,000-$14,000. At the same time, ultimate support could come as low as $6,000.<\/p>\n

Filbfilb additionally noted that a black swan event such as further crypto bankruptcies could trigger a spike through the upper support field, opening up the potential for $10,000 or lower next.<\/p>\n

A trip to the $6,000 zone, however, is \u201cunlikely\u201d under current circumstances, he advised.<\/p>\n

BTC\/USD 1-week candle chart (Bitstamp) with liquidity heatmap data. Source: TradingView<\/em><\/figcaption><\/figure>\n

Many eyes on the $14,000 prize<\/h2>\n

Filbfilb\u2019s upper band of bid support on exchange order books is a popular target for an increasing number of commentators.<\/p>\n

Related:\u00a0Will Bitcoin hit $110K in 2023? 3 reasons to be bullish on BTC now<\/a><\/em><\/strong><\/p>\n

As Cointelegraph reported<\/a>, $14,000 is now a significant spot on the radar, and entries around there are already being planned.<\/p>\n

That area would also bring BTC\/USD losses versus all-time highs<\/a> in line with those of previous bear markets.<\/p>\n

BTC\/USD drawdown vs. all-time highs chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n

Not only that, but $13,900 forms a significant support line on weekly timeframes, trader and analyst Rekt Capital notes, one which has remained untested since the second half of 2020.<\/p>\n

BTC\/USD annotated chart. Source: Rekt Capital\/ Twitter<\/em><\/figcaption><\/figure>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n


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Bitcoin (BTC) has spent over a year in a downtrend since its $69,000 all-time highs in November 2021. BTC price performance has given investors up to 77% losses, but how much lower can BTC\/USD really go? Bitcoin traders and analysts have long agreed that 2022 is the year of the largest cryptocurrency\u2019s newest bear market. […]<\/p>\n","protected":false},"author":1,"featured_media":36363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[50,195],"class_list":["post-36362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-bitcoin","tag-price"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/11\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvN2EwNzM2NmEtNzRmMy00NGI4LWIzYjYtZGM0ZDlmNDRkODg1LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/36362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36362"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/36362\/revisions"}],"predecessor-version":[{"id":36364,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/36362\/revisions\/36364"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/36363"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36362"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}