### Where will Bitcoin go after the entire FTX collapse and SBF scamming millions of people? Will Bitcoin drop to 10,000?

It's been a couple of days since FTX collapsed, where we saw Bitcoin and the entire cryptocurrency market drop massively. In this article, let's look at where Bitcoin is from a technical analysis point of view. 

#### Trend Analysis

![trend analysis](https://cfrimages.sgp1.cdn.digitaloceanspaces.com/316115517_467689668820551_325071398511341701_n%20%281%29.png)

First, from a trend point of view, nothing has changed. Bitcoin is still in a downtrend. An asset that is in a downtrend will continue to go down until proven otherwise. Everything that we are seeing now is just Bitcoin moving along its trend. So regardless of the FTX fraud scandal the market still was on a downward spiral. For investors who like going long, there's no buy signal yet as we have not seen any breakage of the long term trend line. 



#### Range Analysis

![chart two](https://cfrimages.sgp1.cdn.digitaloceanspaces.com/316143404_442839814679673_4295539992682688097_n.jpg)

As Alameda and FTX went bankrupt, it caused Bitcoin to break the 18,000 support level. Mind you this level protected Bitcoin from falling from the drop of June 2022 to around November 6, 2022. Significant buying happened at this point. Now as this range got broken, the next level of support is currently at 15,778. 

A lot of people are predicting doom and gloom and a drop to 10,000 but as long as the 15,778 support holds, those doom and gloom predictions may not happen. 

The key support level to watch is at 15,778 if that holds then we may see Bitcoin just consolidate between 15,778 to 18,000 for the short to midterm.

On a more pessimistic note, if the support of 15,778 does not hold, the next support will be at 12,292. Should that happen, we will give you an alert and a deeper analysis on that next price range. 

As to the overall market direction, we look at Bitcoin as an index or a (loose) proxy for the entire cryptocurrency market, because as Bitcoin goes, the rest of the market follows. Stay tuned for more. 

Where will Bitcoin go after the entire FTX collapse and SBF scamming millions of people? Will Bitcoin drop to 10,000?

Mon Nov 21 2022

Bitcoin Price Action in the Next Weeks

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Mon Nov 21 2022 Bitcoin Price Action in the Next Weeks

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Mon Nov 21 2022

Bitcoin Price Action in the Next Weeks