{"id":9261,"date":"2022-12-19T16:40:55","date_gmt":"2022-12-19T16:40:55","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9261"},"modified":"2022-12-19T16:40:56","modified_gmt":"2022-12-19T16:40:56","slug":"btc-price-faces-20-drop-in-weeks-if-bitcoin-avoids-key-level-analyst","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9261","title":{"rendered":"BTC price faces 20% drop in weeks if Bitcoin avoids key level \u2014 Analyst"},"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 rigid below $17,000 at the Dec. 19 Wall Street open as skeptical traders feared more downside.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>BTC traders call time on upside potential<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD lingering around the $16,700 mark, practically unmoved over the weekend.<\/p>\n<p>The pair saw only fractional volatility at the open, as United States equities fell slightly. At the time of writing, the S&amp;P 500 and Nasdaq Composite Index were down 0.5% and 1%, respectively.<\/p>\n<p>For Bitcoin traders, there was little to celebrate, with consensus forming around the potential for testing lower levels next. <\/p>\n<p>\u201cBearish as long as it stays below the $19k,\u201d Crypto Poseidon summarized alongside a chart.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Crypto Poseidon\/Twitter<\/em><\/p>\n<p>Popular trader and analyst Rekt Capital highlighted $17,150 as an important level to reclaim to avoid further downside later on. <\/p>\n<p>\u201cIf BTC continues to reject from the ~$17150 resistance&#8230; Then price could drop up to -20% to the downside in the coming weeks,\u201d he predicted, uploading the one-month BTC\/USD chart.<\/p>\n<p>Rekt Capital added that there was \u201cstill time for BTC to perform a Monthly Close above the ~$17150 level later this month\u201d but that \u201ca Monthly Close below ~$17150 would confirm the beginnings of a breakdown from here.\u201d<\/p>\n<p>Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, meanwhile,\u00a0offered a slightly more hopeful outlook.<\/p>\n<p>With more U.S. economic data expected toward the end of the week, BTC\/USD had the potential to break to the upside and target $17,300 to then offer \u201cshort opportunities.\u201d<\/p>\n<p>\u201cNo breakthrough, then looking for longs around $16.2K or $15.5K,\u201d he countered.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/Twitter<\/em><\/p>\n<h2>Grayscale CEO: FTX was a \u201cfailure of people\u201d<\/h2>\n<p>News that Binance.US, the U.S. offshoot of crypto exchange Binance, had offered to acquire the assets of stricken lender Voyager, but it had no tangible impact on market performance.<\/p>\n<p><strong><em>Related:\u00a0\u2018Wave lower\u2019 for all markets? 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>The latest development in the FTX saga, the announcement came as Binance itself continued to deal with what its CEO, Changpeng Zhao, again called \u201cFUD\u201d over the weekend.<\/p>\n<p>In a letter\u00a0to investors, meanwhile, Michael Sonnenshein, CEO of investment firm Grayscale, sought to draw a clear distinction between FTX and crypto as a whole. Grayscale\u2019s parent company, Digital Currency Group (DCG), had previously also become caught up in the FTX aftermath.<\/p>\n<p>\u201cFTX Was a Failure of People, Not a Failure of Crypto: Too many investors were harmed. From crypto to traditional finance, mainstream media, and D.C. \u2013 it seems few were spared from deception through false narratives and false documentation,\u201d he wrote. <\/p>\n<p>\u201cWe should not, however, conflate the actions of a few individuals and organizations with Bitcoin or Ethereum, the underlying blockchain technology, or smart contracts and decentralized finance applications.\u201d<\/p>\n<p>Grayscale\u2019s flagship product, the Grayscale Bitcoin Trust (GBTC), traded at a 48.7% discount to the Bitcoin spot price as of Dec. 17 \u2014 its steepest discount ever, according to data from Coinglass.<\/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\/btc-price-faces-20-drop-in-weeks-if-bitcoin-avoids-key-level-analyst\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed rigid below $17,000 at the Dec. 19 Wall Street open as skeptical traders feared more downside. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC traders call time on upside potential Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD lingering around the $16,700 mark, practically unmoved over the weekend. The pair saw [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9261","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\/9261","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=9261"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9261\/revisions"}],"predecessor-version":[{"id":9263,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9261\/revisions\/9263"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9262"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}