bitcoin (BTC) remained undecided at the November 24 Wall Street open as a trader reinforced a BTC price target of $12,000.
BTC “primary target” price for low $12,000 – $14,000
The pair nevertheless failed to convince analysts that better times were on the way, and popular Crypto commentator Il Capo suggested that it was only a matter of time before the decline resumed.
On the high timeframes (HTF) and short timeframes (LTF), the picture looked bleak.
“Htf: lower lows and lower highs after crossing a monthly redistribution range. Below the June low and in the supply zone. Ltf: weak trend caused by a short squeeze (bull trap). Volume dying”, it abstract to Twitter followers the same day.
“12000-14000 remains the main target for a local bottom formation.”
Like Cointelegraph reportedmultiple BTC price predictions continue to call for a bear market bottom below $14,000.
Answer At Crypto’s Il Capo, meanwhile, fellow analyst Gert van Lagen offered a potential resistance/support reversal at $18,100 as a bullish signal.
BTC/USD moving from current levels to hold there, he wrote, would make the recent two-year low of $15,480 a “triple bottom” for 2022.
“He does indeed qualify only if 18.1k is broken,” Van Lagen pointed out.
Analyst: “99.9% chance” that GBTC Bitcoin exists
Within crypto circles, the fate of Digital Currency Group (DCG), its subsidiary Grayscale, and the Grayscale Bitcoin Trust (GBTC) continued to be a major topic of discussion.
One of the latest contributions came from Bloomberg Intelligence exchange-traded fund (ETF) analyst James Seyffart, who in a dedicated article Twitter feed said that despite market nerves, GBTC’s voluntary liquidation of $10.5 billion was “unlikely”.
“It just doesn’t seem off the table to me,” he wrote.
Acknowledging the frustration over the fund’s drawdown against Bitcoin’s spot price, Seyffart concluded that ultimately, given the hardware available, there was a “99.9% chance” that he would hold the bitcoin. BTC he was claiming through custodian Coinbase.
The GBTC spot price discount was 39.2% as of November 24, according to data from the monitoring resource coin glass show.
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