Bitcoin (BTC) held steady in the November. 21 Wall Street open carrying out a weekly close at levels not seen since late 2020.
Sentiment continued to be on the knife edge as rumors over crypto business conglomerate, Digital Currency Group (DCG) ongoing to swirl.
Concerns centered on the $10.5 billion investment vehicle, the Grayscale Bitcoin Trust (GBTC), with unsubstantiated talk of possible liquidity problems surfacing across social networking.
Coinbase, the GBTC custodian, reportedly confirmed its Bitcoin holdings — over 635,000 BTC — were safe and offer at the time.
GBTC was one of multiple potential victims within the ongoing meltdown of exchange FTX and it is related companies, however, and crypto prices continued to be highly responsive to the subject.
Traders and analysts thus arranged to provide short-term BTC cost targets, these possibly unsurprisingly being mostly towards the downside.
Anbessa: $14,600, $15,300, $17,580
Popular Twitter commentator Anbessa organized the situation for BTC/USD retesting ‘abnormal’ amounts next, but additionally offered a reentry level should market strength return.
Updating a Twitter discussion by having an annotated chart, he highlighted $14,600 like a “most primed” place to increase BTC exposure.
“Time has transpired, and also the plan has not altered. The re-entry is lower now (climbing down trendline support),” he summarized in associated comments.
If Bitcoin would halt its descent now, Anbessa stated that the reentry point could be just beneath $17,600 — the website of June’s previous macro low. BTC/USD will have to switch it to aid for that technique to be valid.
The London Crypto: $12,000, $175,000
Like every others, The London Crypto, partner of exchange ByBit, believes the ultimate bear market low lies around $12,000 for Bitcoin.
He showed up in the calculation using historic drawdowns all-time highs.
For each cycle low, there’s a higher, however, and positive The London Crypto wasn’t shy about predicting the great occasions coming back around Bitcoin’s next block subsidy halving.
“BTC makes a 77% correction within this bear market, when compared with 84% in 2013 and 83% in 2017,” he noted.
“Studying our previous cycles high versus lows, we are able to estimate the reduced with this bear is the $10k-$12k range, adopted with a a lot of $175k in 2024-2025.”
Sheldon the Sniper: $12,000-$13,000
His sentiment was shared by Sheldon the Sniper at the time, who gave a tough target of $12,000-$13,000.
A bounce past $18,000 would trigger “offloading” of his BTC portfolio, an additional tweet mentioned, with several downside targets crystalizing simultaneously.
These came by means of various support zones at $14,013, $12,846, $11,747 and $10,594.
“Drop can happen before offload zone but lets see,” he added.
Rekt Capital: Key weekly levels
Analyst Rekt Capital meanwhile flagged important support and resistance zones by means of closing prices around the weekly chart.
At $16,250, BTC/USD closed its latest weekly candle over $1,000 below “key resistance” at $17,322, he cautioned.
Uploading an overview chart, further important levels were $13,910 towards the downside and $23,300 towards the upside.
“New BTC Weekly Close occurs underneath the key resistance,” he noted.
“Price has performed a little rejection but no substantial downside follow-through by yet.”
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