Bitcoin's New 'Worst Case' Puts BTC Bear Market Near $6,000

Bitcoin's capitulation action could send BTC price back to an area double the 2018 bear market low, says Decentrader's Filbfilb .

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Bitcoin (BTC) is still at risk of falling below USD 7,000 in this bear market, latest worst-case scenario prediction warns.

In its latest live stream broadcast on November 24, trading platform DecenTrader revealed targets for a BTC price floor.

Analyst reports 'old fashioned, rock-solid support' for Bitc

The most recent in a series of BTC/USD predictions, Decentrader co-founder Filbfilb has charted a potential drop below $10,000 on the charts for the pair.

"Worst-case scenario, I think that's probably where we'd end up, like old-school, rock-solid support," he said of a bidding area around $6,500.

This is where buyers would "probably start to fill their bags," he added, noting that this level was about double the 2018 bear market and March 2020 COVID-19-related lows. .

While “unlikely” under the current circumstances, Filbfilb nonetheless argued that larger repercussions from the FTX implosion could remove support from offers higher in the order book, opening the door for such surrender event.

"Until we have more information, that seems unlikely, and like I said, I think the fact that we didn't dump more than we actually could have is a good sign for bulls," he continued.< /p>

Given recent events, as reported by Cointelegraph, BTC/USD has, in fact,