Home CryptocurrencyBitcoin Bitcoin price still falls below $12,000, trader says as ETF guru backs GBTC

Bitcoin price still falls below $12,000, trader says as ETF guru backs GBTC

by SuperiorInvest

Bitcoin (BTC) remained undecided on November 24 as one trader boosted the $12,000 BTC price target.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

BTC price “main target” for the bottom of $12,000-$14,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD around $16,500 as eerie calm continued in the market.

However, the pair failed to convince analysts that better times are ahead, with popular Crypto commentator Il Capo suggesting that it is only a matter of time before the decline resumes.

In both high time frames (HTF) and low time frames (LTF), the image looked grim.

“Htf: lower lows and lower highs after breaking the monthly redistribution range. Below the June low and on the supply zone. Ltf: weak trend caused by a short squeeze (bull trap). The volume is dying,” he said in summary by Twitter followers that day.

“12000-14000 remains the main target for a local bottom formation.”

BTC/USD Commented Chart. Source: Il Capo of Crypto/ Twitter

Like Cointelegraph reportedSeveral BTC price predictions continue to call for a bear market bottom below $14,000.

Answering to Il Capo of Crypto, meanwhile, fellow analyst Gert van Lagen offered potential upside resistance/support at $18,100 as a bullish hint.

He wrote that BTC/USD rising from current levels to hold there would make the recent two-year low of $15,480 a “triple bottom” for 2022.

“He only really qualifies when he breaks 18.1k,” Van Lagen pointed out.

Analyst: “99.9% Chance” GBTC Bitcoin Exists

In cryptocurrency circles, the fate of Digital Currency Group (DCG), its subsidiaries, Grayscale and Grayscale Bitcoin Trust (GBTC) has continued to be a major point of discussion.

Related: Cathie Wood’s ARK Invest adds further bitcoin exposure as GBTC and Coinbase shares hit new lows

One of the latest contributions came from Bloomberg Intelligence exchange-traded fund (ETF) analyst James Seyffart, who Twitter thread said that despite market jitters, a voluntary liquidation of $10.5 billion GBTC is “unlikely”.

“That just doesn’t feel like it’s on the table,” he wrote.

Seyffart acknowledged frustration with the fund’s discount to the spot price of bitcoin and concluded that ultimately, given the material available, there was a “99.9% chance” it held the BTC it claimed through the Coinbase depository.

GBTC spot price was 39.2% as of November 24, data from monitoring source Coinglass showed

GBTC premium vs. asset holding vs. BTC/USD chart. Source: Coinglass

The views, thoughts and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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