{"id":8752,"date":"2022-11-24T20:17:43","date_gmt":"2022-11-24T20:17:43","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=8752"},"modified":"2022-11-24T20:17:44","modified_gmt":"2022-11-24T20:17:44","slug":"bitcoin-price-still-due-12k-dip-says-trader-as-etf-guru-backs-gbtc","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8752","title":{"rendered":"Bitcoin price still due $12K dip, says trader as ETF guru backs GBTC"},"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) stayed undecided on Nov. 24\u00a0 as one trader reinforced a $12,000 BTC price target.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>BTC price &#8220;main target&#8221; for bottom $12,000-$14,000<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD circling $16,500 as an eerie calm continued on the market.<\/p>\n<p>The pair nonetheless failed to convince analysts that better times were on the way, and popular commentator Il Capo of Crypto suggested that it was only a matter of time before downside resumed.<\/p>\n<p>On both high timeframes (HTF) and low timeframes (LTF), the picture looked bleak.<\/p>\n<p>\u201cHtf: lower lows and lower highs after breaking a monthly redistribution range. Below June&#8217;s low and at supply zone. Ltf: weak trend caused by a short squeeze (bull trap). Volume dying,\u201d he summarized to Twitter followers on the day. <\/p>\n<p>\u201c12000-14000 remains the main target for a local bottom formation.\u201d<em>BTC\/USD annotated chart. Source: Il Capo of Crypto\/ Twitter<\/em><\/p>\n<p>As Cointelegraph reported, multiple BTC price forecasts continue to call for a sub-$14,000 bear market bottom.<\/p>\n<p>Replying to Il Capo of Crypto, meanwhile, fellow analyst Gert van Lagen offered a potential upside resistance\/ support flip at $18,100 as a bullish cue.<\/p>\n<p>BTC\/USD rising from current levels to hold there, he wrote, would make the recent two-year low of $15,480 a \u201ctriple bottom\u201d for 2022.<\/p>\n<p>\u201cIt qualifies indeed only if 18.1k gets broken,\u201d Van Lagen stressed.<\/p>\n<h2>Analyst: &#8220;99.9% chance&#8221; GBTC Bitcoin exists<\/h2>\n<p>Within crypto circles, the fate of Digital Currency Group (DCG), its subsidiary, Grayscale and the Grayscale Bitcoin Trust (GBTC) continued to constitute a major talking point.<\/p>\n<p><strong><em>Related: Cathie Wood\u2019s ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows<\/em><\/strong><\/p>\n<p>One of the latest contributions came from Bloomberg Intelligence exchange-traded fund (ETF) analyst James Seyffart, who in a dedicated Twitter thread said that despite market nerves, voluntary liquidation of the $10.5 billion GBTC was \u201cunlikely.\u201d<\/p>\n<p>\u201cThat just doesn&#8217;t seem like its on the table to me,\u201d he wrote.<\/p>\n<p>Acknowledging frustration at the fund\u2019s discount to the Bitcoin spot price, Seyffart concluded that ultimately, given the material available, there was a \u201c99.9% chance\u201d that it held the BTC it claimed via custodian Coinbase.<\/p>\n<p>The GBTC spot price discount was at 39.2% as of Nov. 24, data from monitoring resource Coinglass showed.<\/p>\n<p><em>GBTC premium vs. asset holdings vs. BTC\/USD chart. Source: Coinglass<\/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-still-due-12k-dip-says-trader-as-etf-guru-backs-gbtc\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed undecided on Nov. 24\u00a0 as one trader reinforced a $12,000 BTC price target. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price &#8220;main target&#8221; for bottom $12,000-$14,000 Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD circling $16,500 as an eerie calm continued on the market. The pair nonetheless failed to convince [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8753,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8752","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\/8752","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=8752"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8752\/revisions"}],"predecessor-version":[{"id":8754,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8752\/revisions\/8754"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8753"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}