Cryptocurrency leader Bitcoin (BTC) may risk plummeting below $7,000 in a worst-case scenario, DecenTrader co-founder FilbFilb said in a recent broadcast.
Speaking on Thanksgiving day in a live stream, he warned of a sub-$7,000 trading bottom for BTC/USD.
In his talks, he said: “In my worst case scenario, I think that would be probably where we end up, like [old-school], rock-hard support.”
He referenced a bidding zone of roughly $6,500, where purchasers would likely “start refilling their bags” as the market reached bear market levels double those seen in 2018 and the onset of the coronavirus pandemic in March 2020.
Filbfilb stated the situation would “unlikely” take place but cautioned that the ongoing FTX collapse could worsen market sentiment, leading to such an incident.
He added: “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.”
Regarding measures to take to avoid such a market bottom, crypto may have to “dodge some bullets” over the FTX crisis, he said, adding the greater market would need to keep resilient.
Historic Highs, not Market Lows?
Speaking on BTC bear market pits, Philip Swift, Decentrader’s co-founder, added Bitcoin wallets with roughly 1 BTC or more would reach one million for the first time in history due to exchange withdrawals linked to the FTX scandal.
A future Bitcoin block subsidy halving incident set to take place in 2024 may also play a key role over the next 18 months, leading to “some positive effect on price in terms of media coverage and anticipation of that next halving event,” Swift added.
Other reports from Glassnode found BTC could reach the end of its bear market cycle. Prior to the most recent developments, it speculated that the market could have reached its macro price bottom and would weather the “perfect storm” of major on-chain losses.
