Bitcoin price yet to drop to $12,000, says trader as ETF guru backs GBTC

Bitcoin (BTC) remained undecided at the open on Wall Street on Nov. 24, as a trader reinforced a $12,000 price target for BTC.

BTC/USD (Bitstamp) 1h chart. Source: TradingView

“Main target” for BTC price bottom is $12,000-$14,000

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was circling $16,500 as an eerie calm continued in the market.

The pair, however, failed to convince analysts that better times were on the way, and popular commentator Il Capo of Crypto suggested that it was only a matter of time before the decline resumed.

At both high timeframes (HTF) and low timeframes (LTF), the image looked dark.

“Htf: Lower lows and lower highs after breaking a monthly leveling range. Below the June low and in the supply zone. Ltf: Weak trend caused by a short squeeze (bull trap). volume dying”,

to Twitter followers on the day.

“12000-14000 remains the top target for a local background formation.”

BTC/USD daily chart. Source: Il Capo of Crypto/ Twitter

As Cointelegraph reported, several BTC price predictions continue to call for a bear market bottom below $14,000.

About that,

To Il Capo of Crypto, fellow analyst Gert van Lagen offered a potential bullish resistance/support turn at $18,100 as a bullish suggestion.

BTC/USD rising from current levels to hold there, he wrote, would make the recent two-year low of $15,480 a “triple bottom” for 2022.

“He really qualifies only if 18,100 is broken,” emphasized Van Lagen.

Analyst: “99.9% Chance” GBTC Bitcoins Exist

Within crypto circles, the fate of the Digital Currency Group (DCG), its subsidiary, Grayscale, and the Grayscale Bitcoin Trust (GBTC) continued to constitute a major point of discussion.

One of the most recent contributions came from Bloomberg Intelligence exchange-traded fund (ETF) analyst James Seyffart, who in a

said that despite market nerves, a GBTC voluntary liquidation of $10.5 billion was “unlikely”.

“This just doesn’t seem to be on the table for me,” he wrote.

Acknowledging frustration with the fund’s discount to Bitcoin’s spot price, Seyffart concluded that ultimately, given the material available, there was a “99.9% chance” that it would hold the BTC claimed through the custodian Coinbase.

The GBTC spot price discount was at 39.2% on Nov. 24, data from monitoring resource Coinglass showed.

GBTC . asset ownership vs. BTC/USD chart. Source: Coinglass

The views, thoughts and opinions expressed here are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.


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Tags: Bitcoin price drop trader ETF guru backs GBTC

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