Bitcoin capitulation action could send BTC price back to an area double the 2018 bear market bottom, says Decentrader’s Filbfilb.
Bitcoin still risks a drop to below $7,000 in this bear market, the latest worst-case scenario prediction warns.
In its latest livestream broadcasted on Nov. 24, trading platform DecenTrader revealed targets for a BTC price bottom.
Analyst flags “oldschool, rock-hard support” for Bitcoin
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 bidding 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 with its previous all-time highs than during previous bear markets.
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