{"id":8686,"date":"2022-11-21T20:04:08","date_gmt":"2022-11-21T20:04:08","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8686"},"modified":"2022-11-21T20:04:08","modified_gmt":"2022-11-21T20:04:08","slug":"bitcoin-price-levels-to-watch-as-traders-bet-on-sub-14k-btc","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8686","title":{"rendered":"Bitcoin price levels to watch as traders bet on sub-$14K BTC"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) held steady at the Nov. 21 Wall Street open following a weekly close at levels not seen since late 2020.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD hovering above $16,000 after dipping below the level overnight.<\/p>\n<p>Sentiment remained on a knife edge as rumors over crypto business conglomerate, Digital Currency Group (DCG) continued to swirl. <\/p>\n<p>Concerns focused on the $10.5 billion investment vehicle, the Grayscale Bitcoin Trust (GBTC), with unsubstantiated talk of possible liquidity problems surfacing across social media.<\/p>\n<p>Coinbase, the GBTC custodian, reportedly\u00a0confirmed its Bitcoin holdings \u2014 over 635,000 BTC \u2014 were safe and present on the day.<\/p>\n<p>GBTC was just one of multiple potential victims in the ongoing meltdown of exchange FTX and its related businesses, however, and crypto prices remained highly sensitive to the topic.<\/p>\n<p>Traders and analysts thus lined up to deliver short-term BTC price targets, these perhaps unsurprisingly being mostly to the downside.<\/p>\n<h2>Anbessa: $14,600, $15,300, $17,580<\/h2>\n<p>Popular Twitter commentator Anbessa laid out the case for BTC\/USD retesting lower levels next, but also offered a reentry level should market strength return.<\/p>\n<p>Updating a Twitter discussion with an annotated chart, he highlighted $14,600 as a \u201cmost primed\u201d area to increase BTC exposure.<\/p>\n<p>\u201cTime has passed, and the plan hasn&#8217;t changed. The re-entry is a bit lower now (descending trendline support),\u201d he summarized in accompanying comments.<\/p>\n<p>If Bitcoin were to halt its descent now, Anbessa said that a reentry point would be just below $17,600 \u2014 the site of June\u2019s previous macro low. BTC\/USD would need to flip it to support for the strategy to be valid.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Anbessa\/ Twitter<\/em><\/p>\n<h2>The London Crypto: $12,000, $175,000<\/h2>\n<p>Like several others, The London Crypto, partner of exchange ByBit, believes that the ultimate bear market low lies around $12,000 for Bitcoin.<\/p>\n<p>He arrived at the calculation using historical drawdowns from all-time highs.<\/p>\n<p>For every cycle low, there is a high, however, and optimistic The London Crypto was not shy about predicting the good times returning around Bitcoin\u2019s next block subsidy halving.<\/p>\n<p>\u201cBTC has made a 77% correction in this bear market, compared to 84% in 2013 and 83% in 2017,\u201d he noted. <\/p>\n<p>\u201cStudying our previous cycles high vs lows, we can estimate the low for this bear to be the $10k-$12k range, followed by a high of $175k in 2024-2025.\u201d<em>BTC\/USD annotated chart. Source: The London Crypto\/ Twitter<\/em><\/p>\n<h2>Sheldon the Sniper: $12,000-$13,000<\/h2>\n<p>His sentiment was shared by Sheldon the Sniper on the day, who gave a rough target of $12,000-$13,000.<\/p>\n<p>A bounce past $18,000 would trigger \u201coffloading\u201d of his BTC portfolio, a further tweet stated, with several downside targets crystalizing at the same time.<\/p>\n<p>These came in the form of various support zones at $14,013, $12,846, $11,747 and $10,594.<\/p>\n<p>\u201cDrop may happen before offload zone but lets see,\u201d he added.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Sheldon the Sniper\/ Twitter<\/em><\/p>\n<h2>Rekt Capital: Key weekly levels <\/h2>\n<p>Analyst Rekt Capital meanwhile flagged important support and resistance zones in the form of closing prices on the weekly chart.<\/p>\n<p><strong><em>Related:\u00a0GBTC next BTC price black swan? \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>At $16,250, BTC\/USD closed its latest weekly candle over $1,000 below \u201ckey resistance\u201d at $17,322, he warned.<\/p>\n<p>Uploading a summary chart, further important levels were $13,910 to the downside and $23,300 to the upside.<\/p>\n<p>\u201cNew BTC Weekly Close occurs below the key resistance,\u201d he noted. <\/p>\n<p>\u201cPrice has performed a small rejection but no substantial downside follow-through as of yet.\u201d<em>BTC\/USD annotated chart. Source: Rekt Capital\/ Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-levels-to-watch-as-traders-bet-on-sub-14k-btc\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) held steady at the Nov. 21 Wall Street open following a weekly close at levels not seen since late 2020. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD hovering above $16,000 after dipping below the level overnight. Sentiment remained on a knife edge as rumors [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8686"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8686\/revisions"}],"predecessor-version":[{"id":8688,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8686\/revisions\/8688"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8687"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}