Bitcoin (BTC) has spent over a 12 months in a downtrend since its $69,000 all-time highs in November 2021.
BTC value efficiency has given traders as much as 77% losses, however how a lot decrease can BTC/USD actually go?
Bitcoin merchants and analysts have lengthy agreed that 2022 is the 12 months of the most important cryptocurrency’s latest bear market.
After coming off all-time highs to begin the 12 months at round $46,000, BTC/USD has supplied little aid and has since returned to ranges not seen since November 2020, knowledge from Cointelegraph Markets Pro and TradingView confirms.
That has positioned the pair in historic bear market backside territory — having misplaced a most of round 77% since the newest peak, Bitcoin may have little room left to fall.
This time, nonetheless, could also be completely different. Cointelegraph takes a have a look at what a number of the hottest crypto market commentators assume with regards to the place Bitcoin will backside.
CryptoBullet: “Comfortable buying” round $16,000
One well-known social media character is sticking by a concept from earlier in 2022 — and it’s all about one specific on-chain metric.
For CryptoBullet, Cumulative Value Days Destroyed (CVDD) nonetheless provides a key perception into macro BTC value bottoms.
CVDD primarily counts how a lot “hodled” days a coin has amassed when it strikes to a brand new pockets. It is expressed as a ratio to the general age of the market, divided by 6 million, which analytics useful resource Woobull explains is a “calibration factor.”
Looking again in time, CVDD has acted as a big line within the sand, and if this time isn’t any completely different, BTC/USD may already be giving patrons the absolute best revenue alternative.
According to Woobull, CVDD at present lies at round $15,900.
“I feel comfortable buying Bitcoin here at CVDD,” CryptoBullet informed Twitter followers on Nov. 26.
“Can it go lower? Of course it can. If another crypto company goes bankrupt or something like that $BTC will fall below CVDD, but not by much. The bulk of the downtrend is over.”
Filbfilb: $6,500 as “worst case scenario”
An previous hand within the crypto market is consistently reevaluating simply how unhealthy the bears might chew this time round.
Filbfilb, co-founder of buying and selling suite Decentrader, not too long ago informed Cointelegraph that BTC/USD may see $10,000 across the new 12 months if macro circumstances worsen.
That was earlier than the FTX debacle, nonetheless, and the ensuing gasoline added to the bear market fireplace has triggered him to rethink.
In a livestream along with fellow co-founder, Philip Swift, Filbfilb thus outlined areas of sturdy bid help as potential bottoms.
These differ, nonetheless — a big “ladder” of bids lies slightly below spot value and focuses on $12,000-$14,000. At the identical time, final help may come as little as $6,000.
Filbfilb moreover famous {that a} black swan occasion comparable to additional crypto bankruptcies may set off a spike by way of the higher help area, opening up the potential for $10,000 or decrease subsequent.
A visit to the $6,000 zone, nonetheless, is “unlikely” below present circumstances, he suggested.
Many eyes on the $14,000 prize
Filbfilb’s higher band of bid help on trade order books is a well-liked goal for an rising variety of commentators.
Related: Will Bitcoin hit $110K in 2023? 3 causes to be bullish on BTC now
As Cointelegraph reported, $14,000 is now a big spot on the radar, and entries round there are already being deliberate.
That space would additionally carry BTC/USD losses versus all-time highs according to these of earlier bear markets.
Not solely that, however $13,900 types a big help line on weekly timeframes, dealer and analyst Rekt Capital notes, one which has remained untested for the reason that second half of 2020.
The views, ideas and opinions expressed listed here are the authors’ alone and don’t essentially mirror or signify the views and opinions of Cointelegraph.