Bitcoin price levels to watch as traders bet on sub-$14K BTC

Please fol­low and like us:
Pin Share

Bit­coin (BTC) held steady at the Nov. 21 Wall Street open fol­low­ing a week­ly close at lev­els not seen since late 2020.

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

Data from Coin­tele­graph Mar­kets Pro and Trad­ingView showed BTC/USD hov­er­ing above $16,000 after dip­ping below the lev­el overnight.

Sen­ti­ment remained on a knife edge as rumors over cryp­to busi­ness con­glom­er­ate, Dig­i­tal Cur­ren­cy Group (DCG) con­tin­ued to swirl. 

Con­cerns focused on the $10.5 bil­lion invest­ment vehi­cle, the Grayscale Bit­coin Trust (GBTC), with unsub­stan­ti­at­ed talk of pos­si­ble liq­uid­i­ty prob­lems sur­fac­ing across social media.

Coin­base, the GBTC cus­to­di­an, report­ed­ly con­firmed its Bit­coin hold­ings — over 635,000 BTC — were safe and present on the day.

GBTC was just one of mul­ti­ple poten­tial vic­tims in the ongo­ing melt­down of exchange FTX and its relat­ed busi­ness­es, how­ev­er, and cryp­to prices remained high­ly sen­si­tive to the topic.

Traders and ana­lysts thus lined up to deliv­er short-term BTC price tar­gets, these per­haps unsur­pris­ing­ly being most­ly to the downside.

Anbessa: $14,600, $15,300, $17,580

Pop­u­lar Twit­ter com­men­ta­tor Anbessa laid out the case for BTC/USD retest­ing low­er lev­els next, but also offered a reen­try lev­el should mar­ket strength return.

Updat­ing a Twit­ter dis­cus­sion with an anno­tat­ed chart, he high­light­ed $14,600 as a “most primed” area to increase BTC exposure.

“Time has passed, and the plan has­n’t changed. The re-entry is a bit low­er now (descend­ing trend­line sup­port),” he sum­ma­rized in accom­pa­ny­ing comments.

If Bit­coin were to halt its descent now, Anbessa said that a reen­try point would be just below $17,600 — the site of June’s pre­vi­ous macro low. BTC/USD would need to flip it to sup­port for the strat­e­gy to be valid.

BTC/USD anno­tat­ed chart. Source: Anbessa/ Twitter

The London Crypto: $12,000, $175,000

Like sev­er­al oth­ers, The Lon­don Cryp­to, part­ner of exchange ByBit, believes that the ulti­mate bear mar­ket low lies around $12,000 for Bitcoin.

He arrived at the cal­cu­la­tion using his­tor­i­cal draw­downs from all-time highs.

For every cycle low, there is a high, how­ev­er, and opti­mistic The Lon­don Cryp­to was not shy about pre­dict­ing the good times return­ing around Bitcoin’s next block sub­sidy halving.

“BTC has made a 77% cor­rec­tion in this bear mar­ket, com­pared to 84% in 2013 and 83% in 2017,” he noted. 

“Study­ing our pre­vi­ous cycles high vs lows, we can esti­mate the low for this bear to be the $10k-$12k range, fol­lowed by a high of $175k in 2024–2025.”

BTC/USD anno­tat­ed chart. Source: The Lon­don Crypto/ Twitter

Sheldon the Sniper: $12,000-$13,000

His sen­ti­ment was shared by Shel­don the Sniper on the day, who gave a rough tar­get of $12,000-$13,000.

A bounce past $18,000 would trig­ger “offload­ing” of his BTC port­fo­lio, a fur­ther tweet stat­ed, with sev­er­al down­side tar­gets crys­tal­iz­ing at the same time.

These came in the form of var­i­ous sup­port zones at $14,013, $12,846, $11,747 and $10,594.

“Drop may hap­pen before offload zone but lets see,” he added.

BTC/USD anno­tat­ed chart. Source: Shel­don the Sniper/ Twitter

Rekt Capital: Key weekly levels 

Ana­lyst Rekt Cap­i­tal mean­while flagged impor­tant sup­port and resis­tance zones in the form of clos­ing prices on the week­ly chart.

Relat­ed: GBTC next BTC price black swan? — 5 things to know in Bit­coin this week

At $16,250, BTC/USD closed its lat­est week­ly can­dle over $1,000 below “key resis­tance” at $17,322, he warned.

Upload­ing a sum­ma­ry chart, fur­ther impor­tant lev­els were $13,910 to the down­side and $23,300 to the upside.

“New BTC Week­ly Close occurs below the key resis­tance,” he noted. 

“Price has per­formed a small rejec­tion but no sub­stan­tial down­side fol­low-through as of yet.”

BTC/USD anno­tat­ed chart. Source: Rekt Capital/ Twitter

The views, thoughts and opin­ions expressed here are the authors’ alone and do not nec­es­sar­i­ly reflect or rep­re­sent the views and opin­ions of Cointelegraph. 



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.