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bitcoin (BTC) saw further rejection at $17,000 on November 18 as jittery markets resisted more FTX spinoffs.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

BTC gets a price target of $12,000

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD failed to return $17,000 to support – a trend that has been in place for nearly a week.

The pair, like major altcoins, remained firmly entrenched with cold feet on the FTX debacle and its ripple effects for various crypto companies.

For analysts, the outlook remained equally bleak, with the already gloomy outlook worsening in light of recent events.

“This underperformance of all crypto assets is here to stay until the bulk of the uncertainty has dissipated – likely only around the start of the new year,” trading firm QCP Capital wrote in its statement. last circular to subscribers of the Telegram channel that day.

In a detailed market summary, QCP wrote that its price predictions for Bitcoin and Ether (ETH) now had to fall to reflect the impact of FTX.

Update of a prognosis based on June Elliott Wave Theory, he confirmed that BTC/USD now has a target of $12,000 and ETH/USD $800.

“As a side note, crypto markets have been trading like commodities since the 2017 high – with wave 5 extended as the longest wave,” the post added.

“Therefore, such potential price action with new lows in the new year would be characteristic of previous bear market selling.”

An accompanying chart highlighted the divergence between crypto and stocks in November, with the correlation between them firmly shaken thanks to the crypto’s underperformance.

Chart BTC/USD against ETH/USD against S&P 500. Source: QCP Capital

Popular trader and analyst Cantering Clark meanwhile noted that while the current bear market in risky assets were to copy the global financial crisis, heavy losses were yet to come.

“The Lehman bankruptcy was the high point of the 2008 financial crisis. It was qualitatively low material, but the market stalled and then committed to a 40% decline,” part of a tweet Lily.

“Never say never and don’t let your guard down.”

S&P 500 annotated chart. Source: Galloping Clark/Twitter

Like Cointelegraph reported$13,500 has also become a popular downside target.

Crypto pie ‘cuts massively’

Continuing, QCP also expressed concerns about declining volumes and open interest (OI) in centralized (CEX) and decentralized (DEX) exchanges.

Related: US Crypto Exchanges Lead to Bitcoin Exodus: Over $1.5 Billion in BTC Withdrawn in One Week

“So far, CEX derivatives trading volumes have been hit the hardest. Combined OI futures are now back to pre-2021 levels, a huge step backwards for the industry,” he writes. .

Bitcoin futures open interest chart. Source: QCP Capital

On DEXs, he said the data “implies that the entire crypto pie is massively cut off.”

“Overall, DeFi TVL is now less than 1/4 of last year’s peak!” the publication summarized next to more explanatory tables.

“Even the DEXs that are expected to gain the most, only saw volumes increase to July/August levels, even with all the emergency token/stable/chain trading that needed to be done after FTX.”

Table of DEX volumes. Source: QCP Capital

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.