In the latest live broadcast broadcast on November 24, the trading platform DecenTrader revealed targets for the bottom of the bitcoin price.
The analyst refers to “oldschool, rock-hard support” for Bitc
The latest in a series of BTC/USD predictions, Decentrader co-founder Filbfilb has charted a potential pullback of up to $10,000 on the cards for the pair.
“In my worst-case scenario, I think we’ll probably end up with, like, old school, hard backing,” he said of the bidding area at around $6,500.
This is where “buyers will likely start repacking their bags,” he added, noting that this level was roughly double the 2018 bear market and the March 2020 COVID-19 crash lows.
While “unlikely” under current circumstances, Filbfilb nonetheless argued that a more significant fallout from the FTX internal meltdown could remove bid support at the top of the order book, opening the door for this capitulation event.
He continued, “Until we get more information, that seems unlikely, and as I say, I think the fact that we didn’t sink more than we really did is a good sign for the bulls.”
Due to recent events, as Cointelegraph reported, BTC/USD has, in fact, managed to fall less from previous all-time highs than from previous bear markets.
BTC/USD price has pulled back from the all-time high chart. Source: Glassnode
The accompanying debate revolves around whether a deep dive was necessary to match those lows and put an end to the current downtrend.
Filbfilb commented that for Bitcoin to bottom while avoiding the worst-case scenario, crypto will need to “dodge a few bullets” in terms of the FTX fallout, and macro markets will also need to stay strong.
BTC price is navigating the bear market pits
Elsewhere in the livestream, Decentrader co-founder Philip Swift, who is also the creator of data resource LookIntoBitcoin, explained other recent charting phenomena.
Related: Will Bitcoin Price Reach $110K in 2023? 3 Reasons to Be Bullish on Bitcoin Right Now
Among them was the growing number of Bitcoin wallets that now hold at least 1 BTC, and soon will pass the 1 million mark for the first time.
Swift said this is a direct result of the coin withdrawals in light of FTX.
He added that though 18 months ahead, the next event of the Bitcoin block subsidy halving in 2024 will also become a major narrative focus moving forward.
This, in turn, will have “some positive effect on the price in terms of media coverage and anticipation of the next halving event.”
The comparative chart shows BTC/USD currently making its way through the lower part of its four-year cycle, showing a strong correlation between 2014 and 2018.