Bitcoin price still due for $12,000 drop, trader says as ETF guru backs GBTC
Bitcoin (BTC) remained uncertain on November 24 as a trader reinforced a BTC price target of $12,000.
BTC price “main target” for bottom $12,000-$14,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circulating $16,500 as an eerie calm continued in the market.
The pair nevertheless failed to convince analysts that better times were on the way, with popular Crypto commentator Il Capo suggesting that it was only a matter of time before the downside resumed.
On both high time frames (HTF) and low time frames (LTF) the picture looked bleak.
“Htf: lower lows and lower highs after breaking a monthly redistribution area. Below the June low and at supply zone. Ltf: weak trend caused by a short squeeze (bull trap). Volume dies,” he in summary to Twitter followers on the day:
“12,000-14,000 is still the main target for a local bottom formation.”
As Cointelegraph reported, several BTC price forecasts continue to call for a bottom below $14,000 in the bear market.
Answers to Il Capo of Crypto, meanwhile, fellow analyst Gert van Lagen offered a potential upside resistance/support flip at $18,100 as a bullish signal.
BTC/USD rising from today’s levels to hold there, he wrote, would make the recent two-year low of $15,480 a “triple bottom” for 2022.
“It actually only qualifies if 18.1k is broken,” Van Lagen stressed.
Analyst: “99.9% Chance” GBTC Bitcoin Exists
Within crypto circles, the fate of Digital Currency Group (DCG), its subsidiary, Grayscale, and Grayscale Bitcoin Trust (GBTC) continued to be a major talking point.
Related: Cathie Wood’s ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hits new lows
One of the latest contributions came from Bloomberg Intelligence Exchange-traded Fund (ETF) analyst James Seyffart, who in a dedicated The Twitter thread said that despite market jitters, voluntary liquidation of $10.5 billion GBTC was “unlikely.”
“It just doesn’t seem like it’s on the table for me,” he wrote.
Acknowledging frustration with the fund’s discount to the Bitcoin spot price, Seyffart concluded that ultimately, given the material available, there was a “99.9% chance” that it held the BTC it claimed via custodian Coinbase.
The GBTC spot price discount was at 39.2% as of November 24, data from monitoring resource Coinglass showed.
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