An 'unlikely' but still feasible worse case scenario floor for BTC is around $6,500, filbfilb believes.
BTC/USD price drawdown from all-time highs chart. Source: Glassnode
An associated debate revolves around whether a deeper dive is necessary to match those bottoms and put an end to the current downtrend. Filbfilb commented that for Bitcoin to put in a bottom while avoiding the worst case scenario, crypto would need to “dodge some bullets” regarding FTX fallout, and macro markets would also need to stay strong.Elsewhere in the livestream, Decentrader co-founder Philip Swift, also the creator of data resource LookIntoBitcoin, explained other recent chart phenomena.
That in turn will have"some positive effect on price in terms of media coverage and anticipation of that next halving event."showed BTC/USD currently working through the lowest part of its four-year cycle, showing strong correlation with 2014 and 2018.The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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