Bitcoin Price Still Drops $12,000, Trader Says ETF Guru Supports GBTC


Bitcoin (BTC) remained undecided at the Wall Street open on November 24 when a trader reinforced a price target of $12,000 BTC.

BTC/USD 1-Hour Candlestick Chart (Bitstamp). Source: TradingView

$12,000 – $14,000 BTC price “Key Target” for Bottom

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD hovered around $16,500 while an eerie calm reigned in the market.

The pair nevertheless failed to convince analysts that better times are ahead, and popular crypto commentator Il Capo suggested it was only a matter of time before the decline resumed.

The picture looks bleak on both the high timeframe (HTF) and low timeframe (LTF).

“Htf: lower low and lower high after crossing the monthly redistribution limit. Below June low and in supply area. LTF: Weak trend due to short squeeze (bull trap). The volume decreases,” he said Abbreviation to Twitter followers on the day.

“12000-14000 remains the main target for local soil formation.”

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

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

by answering Meanwhile, fellow crypto analyst Gert van Lagen offered Il Capo a potential upside resistance/support flip at $18,100 as a bullish sign.

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

“It doesn’t really qualify until 18.1k is broken,” Van Lagen insisted.

Analyst: “99.9% Chance” GBTC Bitcoin Exists

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

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Related: Cathy Wood’s ARK Invest Adds More Bitcoin Exposure as GBTC, Coinbase Stock Hit New Lows

One of the latest contributions comes from Bloomberg Intelligence exchange-traded fund (ETF) analyst James Seifert, a dedicated twitter thread said a $10.5 billion GBTC voluntary liquidation was “unlikely” despite market nerves.

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

Seifert acknowledged frustration with the fund’s discount to bitcoin’s spot prices, concluding that ultimately, given the material available, there was a “99.9%” chance it held the BTC it claimed through custodian Coinbase. .

Data from the monitoring source CoinGlass shows that the GBTC spot price was down 39.2% on Nov. 24.

GBTC Premium vs Asset Holdings vs BTC/USD chart. Source: Coinglass

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




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