Bitcoin is looking for a new low under $12,000!

Bitcoin is looking for a new low under $12,000!

Bitcoin (BTC) remained undecided on November 24 as a trader reinforced a price target of $12,000 BTC.

1-hour candlestick chart of the BTC/USD pair (Bitstamp). Source: Trade View

BTC price seems to be trending towards a low of $12,000-$14,000

Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair hovering around $16,500 as an eerie calm lingered in the market.

However the pair failed to convince analysts that better days were ahead, and popular commentator Il Capo of Crypto suggested that it was only a matter of time before the decline started again.

On high time frames (HTF) and low time frames (Low time frames, LTF), the picture looked blurry.

“HTF: Lower Lows and Highs After Breaking Monthly Redistribution Area. Below the June lows and in the supply zone. Ltf: weak trend due to short squeeze (Bull Trap). A dying volume”, summaryhe to his Twitter followers the same day.

“12000-14000 is still the clearest drop point for a new bottom to form”.

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

As reported by Cointelegraph, multiple BTC price predictions continue to claim a bearish market below $14,000.

Respondent At Il Capo de Crypto, another analyst, Gert van Lagen, offered a potential swing of resistance and support at $18,100 as a bullish sign.

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

“It really only qualifies if 18,100 is broken,” said Van Lagen.

Analyst: “99.9% chance” that bitcoin GBTC will see the light of day

Within the crypto community, the fate of the Digital Currency Group (DCG), its Grayscale subsidiary, and the Grayscale Bitcoin Trust (GBTC) continued to generate a lot of ink.

Also Read: Cathie Wood’s ARK Invest Raises Bitcoin Exposure as GBTC and Coinbase Shares Hit New Lows

One of the latest contributions came from Bloomberg Intelligence exchange-traded fund (ETF) analyst James Seyffart, who, in a conversation he opened on Twitter on the subject, said that there was a voluntary liquidation of $10.5 billion GBTC despite the tensions in the market. “probably.” »

“Not much like me,” he wrote.

Acknowledging his frustration with the fund’s discount to bitcoin’s spot price, Seyffart concluded that there was ultimately a “99.9% chance”, and given the available evidence, that the fund would keep the bitcoin it claims through the Coinbase custodian.

GBTC’s spot price discount was 39.2% on November 24, according to data from monitoring resource Coinglass.

Graph of GBTC premium versus assets held against the BTC/USD pair. Source: Coinglass

The views, ideas and opinions expressed herein are solely those of their authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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