Worst case scenario for Bitcoin

In theory, any asset could go to zero but looking at the past data helps have a better guess.

For a worst case scenario on bitcoin, let’s assume we are already in a bear market.

We can have a look at what happened during the last 2 cycles and using Fibonacci retracements, we could try to come up with a floor price based on the last two examples (although it’s statistically insignificant).

Drawing Fibonacci is a bit subjective but we realise the price has retraced to the 0.382 level on the last two cycles and formed a bottom there.

This bring us to $22.9k as the lowest price bitcoin could go in a worst case scenario based on the method described above.