{"id":8787,"date":"2022-11-26T17:27:33","date_gmt":"2022-11-26T17:27:33","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8787"},"modified":"2022-11-26T17:27:34","modified_gmt":"2022-11-26T17:27:34","slug":"how-low-can-the-bitcoin-price-go","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8787","title":{"rendered":"How low can the Bitcoin price go?"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) has spent over a year in a downtrend since its $69,000 all-time highs in November 2021.<\/p>\n<p>BTC price performance has given investors up to 77% losses, but how much lower can BTC\/USD really go?<\/p>\n<p>Bitcoin traders and analysts have long agreed that 2022 is the year of the largest cryptocurrency\u2019s newest bear market.<\/p>\n<p>After coming off all-time highs to start the year at around $46,000, BTC\/USD has offered little relief and has since returned to levels not seen since November 2020, data from Cointelegraph Markets Pro and TradingView\u00a0confirms.<\/p>\n<p>That has placed the pair in historical bear market bottom territory \u2014 having lost a maximum of around 77% since the most recent peak, Bitcoin could have little room left to fall.<\/p>\n<p>This time, however, may be different. Cointelegraph takes a look at what some of the most popular crypto market commentators think when it comes to where Bitcoin will bottom.<\/p>\n<h2>CryptoBullet: \u201cComfortable buying\u201d around $16,000<\/h2>\n<p>One well-known social media personality is sticking by a theory from earlier in 2022 \u2014 and it\u2019s all about one particular on-chain metric.<\/p>\n<p>For CryptoBullet, Cumulative Value Days Destroyed (CVDD) still offers a key insight into macro BTC price bottoms.<\/p>\n<p>CVDD essentially counts how much \u201chodled\u201d days a coin has accumulated when it moves to a new wallet. It is expressed as a ratio to the overall age of the market, divided by 6 million, which analytics resource Woobull explains is a \u201ccalibration factor.\u201d<\/p>\n<p>Looking back in time, CVDD has acted as a significant line in the sand, and if this time is no different, BTC\/USD could already be giving buyers the best possible profit opportunity.<\/p>\n<p>According to Woobull, CVDD currently lies at around $15,900.<\/p>\n<p>\u201cI feel comfortable buying Bitcoin here at CVDD,\u201d CryptoBullet told Twitter followers on Nov. 26. <\/p>\n<p>\u201cCan 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.\u201d<em>Bitcoin Cumulative Value Days Destroyed (CVDD) annotated chart. Source: CryptoBullet\/ Twitter<\/em><\/p>\n<h2>Filbfilb: $6,500 as \u201cworst case scenario\u201d<\/h2>\n<p>An old hand in the crypto market is constantly reevaluating just how bad the bears may bite this time around.<\/p>\n<p>Filbfilb, co-founder of trading suite Decentrader, recently told Cointelegraph that BTC\/USD could see $10,000 around the new year if macro conditions worsen.<\/p>\n<p>That was before the FTX debacle, however, and the resulting fuel added to the bear market fire has caused him to reconsider.<\/p>\n<p>In a\u00a0livestream together with fellow co-founder, Philip Swift, Filbfilb thus outlined areas of strong bid support as potential bottoms.<\/p>\n<p>These vary, however \u2014 a large \u201cladder\u201d of bids lies just below spot price and focuses on $12,000-$14,000. At the same time, ultimate support could come as low as $6,000.<\/p>\n<p>Filbfilb additionally noted that a black swan event such as further crypto bankruptcies could trigger a spike through the upper support field, opening up the potential for $10,000 or lower next.<\/p>\n<p>A trip to the $6,000 zone, however, is \u201cunlikely\u201d under current circumstances, he advised.<\/p>\n<p><em>BTC\/USD 1-week candle chart (Bitstamp) with liquidity heatmap data. Source: TradingView<\/em><\/p>\n<h2>Many eyes on the $14,000 prize<\/h2>\n<p>Filbfilb\u2019s upper band of bid support on exchange order books is a popular target for an increasing number of commentators.<\/p>\n<p><strong><em>Related:\u00a0Will Bitcoin hit $110K in 2023? 3 reasons to be bullish on BTC now<\/em><\/strong><\/p>\n<p>As Cointelegraph reported, $14,000 is now a significant spot on the radar, and entries around there are already being planned.<\/p>\n<p>That area would also bring BTC\/USD losses versus all-time highs in line with those of previous bear markets.<\/p>\n<p><em>BTC\/USD drawdown vs. all-time highs chart. Source: Glassnode<\/em><\/p>\n<p>Not only that, but $13,900 forms a significant support line on weekly timeframes, trader and analyst Rekt Capital notes, one which has remained untested since the second half of 2020.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Rekt Capital\/ Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/how-low-can-the-bitcoin-price-go\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has spent over a year in a downtrend since its $69,000 all-time highs in November 2021. BTC price performance has given investors up to 77% losses, but how much lower can BTC\/USD really go? Bitcoin traders and analysts have long agreed that 2022 is the year of the largest cryptocurrency\u2019s newest bear market. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8787"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8787\/revisions"}],"predecessor-version":[{"id":8789,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8787\/revisions\/8789"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8788"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}