Bitcoin cost still due $12K dip, states trader as ETF guru backs GBTC

Bitcoin (BTC) remained undecided on November. 24  as you trader reinforced a $12,000 BTC cost target.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC cost “primary target” for bottom $12,000-$14,000

Data from Cointelegraph Markets Pro and TradingView demonstrated BTC/USD circling $16,500 being an eerie calm ongoing available on the market.

The happy couple nevertheless unsuccessful to convince analysts that better occasions were in route, and popular commentator Il Capo of Crypto recommended it had become only dependent on time before downside started again.

On high timeframes (HTF) and occasional timeframes (LTF), the image looked bleak.

“Htf: lower lows minimizing highs after breaking a regular monthly redistribution range. Below June’s low and also at supply zone. Ltf: weak trend the result of a short squeeze (bull trap). Volume dying,” he summarized to Twitter supporters at the time.

“12000-14000 continues to be the primary target for any local bottom formation.”

BTC/USD annotated chart. Source: Il Capo of Crypto/ Twitter

As Cointelegraph reported, multiple BTC cost forecasts still require a sub-$14,000 bear market bottom.

Replying to Il Capo of Crypto, meanwhile, fellow analyst Gert van Lagen offered a possible upside resistance/ support switch at $18,100 like a bullish cue.

BTC/USD rising from current levels to carry there, he authored, will make the current two-year low of $15,480 a “triple bottom” for 2022.

“It qualifies indeed only when 18.1k will get damaged,” Van Lagen stressed.

Analyst: “99.9% chance” GBTC Bitcoin exists

Within crypto circles, the fate of Digital Currency Group (DCG), its subsidiary, Grayscale and also the Grayscale Bitcoin Trust (GBTC) ongoing to constitute a significant speaking point.

Related: Cathie Wood’s ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows

The newest contributions originated from Bloomberg Intelligence exchange-traded fund (ETF) analyst James Seyffart, who inside a dedicated Twitter thread stated that despite market nerves, voluntary liquidation from the $10.5 billion GBTC was “unlikely.”

“That just does not appear like its up for grabs in my experience,” he authored.

Acknowledging frustration in the fund’s discount towards the Bitcoin place cost, Seyffart figured that ultimately, because of the material available, there is a “99.9% chance” it held the BTC it claimed via custodian Coinbase.

The GBTC place cost discount what food was in 39.2% by November. 24, data from monitoring resource Coinglass demonstrated.

GBTC premium versus. asset holdings versus. BTC/USD chart. Source: Coinglass

The views, ideas and opinions expressed listed here are the authors’ alone and don’t always reflect or represent the views and opinions of Cointelegraph.

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