What’s the worst-case scenario for Bitcoin right now?

Followin' the latest video released on December 21, crypto analyst Rekt Capital tried to answer the question "What is the worst-case scenario for Bitcoin right now?" After hitting a new all-time high of $108,374 on December 17, the BTC price has dropped more than -11%. To learn more about the crypto world and get the latest news, feel free to join my group; QQ: 3786051908 or follow the public account: Lazy King Squirrel, where we have the most professional community and publish daily market analysis and recommendations for promising potential coins. How low can Bitcoin price go? Rekt Capital analyzed Bitcoin's price retracement from a historical perspective, emphasizing the historical significance of weeks 6, 7, and 8 in the "price discovery uptrend." He referenced past cycles in 2013, 2016-2017, and 2021, explaining that Bitcoin has a strong tendency for corrections during these specific windows, with some declines as high as 34% or more. Rekt Capital stated: "Understanding these weeks is crucial because they tend to be troublesome for Bitcoin." He mentioned past cycles that saw significant drops during this time frame. For example, in the 2013 cycle's week 7, Bitcoin experienced a 75% sharp correction over 13 weeks. Similarly, during the 2016-2017 period, week 8 saw a 34% decline, highlighting the vulnerability that often occurs in these specific weeks. In the current cycle, Bitcoin has already experienced over a 10% drawdown, putting its price in the historical critical support area of $96,537 on the weekly chart. Rekt Capital emphasized the importance of this support level, noting that "this historical support area propelled Bitcoin to $108,000." He warned that if this support fails to hold, it could trigger a more severe correction, potentially down to $89,830. Through analyzing the price action of the past few days, Rekt Capital pointed out that a bearish engulfing candle has formed on the weekly timeframe, a technical indicator often associated with potential reversals. He observed: "We're losing what was supposed to be support." This loss suggests that the price may enter a corrective phase, as it struggles to maintain its upward trajectory. Rekt Capital also highlighted the significance of maintaining the 5-week technical uptrend. He cautioned: "If we lose this 5-week technical uptrend and the orange trend line, then there's more and more evidence that we may be entering a corrective phase." Additionally, he mentioned the unfilled gap between $78,000 and $80,000 on the Chicago Mercantile Exchange, a critical area that has yet to be filled. "Delving into 26%, 27%, 28% declines could potentially fill the entire CME gap," Rekt Capital noted. Historically, CME gaps tend to get filled, although some have never been filled. Despite the various warning signs, Rekt Capital maintains a long-term bullish stance. "These corrections are key in driving the parabolic uptrend phase in future cycles," he explained, drawing insights from past cycles and how adjustments have provided the necessary "breathing room" for the market. For example, in the 2021 cycle, Bitcoin experienced a 16% correction in week 6 and an 8% decline in week 8, but the overall trend continued to rise. Similarly, the current 10% drawdown, while significant, can serve as a preparatory stage for the next phase of price discovery. As of the time of writing, BTC is trading at $95,000.