BTC worth bear market bottom targets still flow in below $14,000 despite Bitcoin rebounding above $16,000.
Bitcoin stayed undecided on November. 24 united trader bolstered a $12,000 BTC value target.
Data from TradingView showed BTC/USD circling $16,500 as an eerie calm continued on the market.
The try nonetheless didn't convert analysts that higher times were on the means, and in style commentator Il head of Crypto instructed that it absolutely was solely a matter of your time before downside resumed.
On each high timeframes (HTF) and low timeframes (LTF), the image looked bleak.
“Htf: lower lows and lower highs once breaking a monthly distribution range. Below June's low and at supply zone. Ltf: weak trend caused by a short squeeze (bull trap). Volume dying,” he summarized to Twitter followers on the day.
“12000-14000 remains the main target for a local bottom formation.”
As data reported, multiple BTC worth forecasts still demand a sub-$14,000 bear market bottom.
Replying to Il capo of Crypto, meanwhile, fellow analyst Gert van Lagen offered a possible side resistance/ support flip at $18,100 as a bullish cue.
BTC/USD rising from current levels to carry there, he wrote, would build the recent biennial low of $15,480 a “triple bottom” for 2022.
“It qualifies so only if 18.1k gets broken,” Van Lagen stressed.
Analyst: "99.9% chance" GBTC Bitcoin exists
Within crypto circles, the fate of Digital Currency cluster (DCG), its subsidiary, Grayscale and the Grayscale Bitcoin Trust (GBTC) continuing to constitute a serious point.
One of the newest contributions came from Bloomberg Intelligence exchange-traded fund (ETF) analyst James Seyffart, who in a very dedicated Twitter thread said that despite market nerves, voluntary liquidation of the $10.5 billion GBTC was “unlikely.”
“That just doesn't look like its on the table to me,” he wrote.
Acknowledging frustration at the fund’s discount to the Bitcoin cash price, Seyffart finished that ultimately, given the fabric accessible, there was a “99.9% chance” that it held the BTC it claimed via protector Coinbase.
( William Suberg, Cointelegraph, 2022 )