Bitcoin price levels to watch as traders bet BTC below $14,000

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bitcoin (BTC) was flat at Wall Street’s open on Nov. 21 after a weekly close at levels not seen since late 2020.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

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

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

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

Coinbase, GBTC’s custodian, reportedly confirmed his Bitcoin holdings – over 635,000 BTC – were safe and present that day.

GBTC was just one of many potential victims of the current FTX exchange collapse and its related businesses, however, and crypto prices have remained highly sensitive to the subject.

Traders and analysts have therefore lined up to provide short-term BTC price targets, with these perhaps unsurprisingly for most on the downside.

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

Popular Twitter commentator Anbessa explained that BTC/USD would then retest lower levels, but also offered a re-entry level if market strength returns.

Update a discussion on Twitter with an annotated chart, he pointed out that $14,600 was the “most primed” area to increase exposure to BTC.

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

If Bitcoin were to halt its descent now, Anbessa said a re-entry point would be just below $17,600 – the site of the previous June macro low. BTC/USD should return it to support the strategy to be valid.

BTC/USD annotated chart. Source: Anbessa/Twitter

London crypto: $12,000, $175,000

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

He arrived at the calculation using historical drawdowns from historical highs.

For every cycle low there is a high, however, and bullish The London Crypto has not been shy about predicting good times for a comeback around Bitcoin’s next block subsidy halving.

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

“By studying the highs and lows of our previous cycles, we can estimate that the bottom of this bear is between $10,000 and $12,000, followed by a high of $175,000 in 2024-2025.”

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

Sheldon the Sharpshooter: $12,000 to $13,000

His sentiment was echoed by Sheldon the Sniper that day, who gave a ballpark target of $12,000-$13,000.

A bounce past $18,000 would trigger an “unload” from his BTC wallet, another tweet said, with multiple downside targets crystallizing at the same time.

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

“The fall may happen before the unloading area, but let’s see,” he added.

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

Rekt Capital: Weekly Top Levels

Rekt Capital analyst during this time reported important support and resistance areas in the form of closing prices on the weekly chart.

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

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

Downloading a summary chart, other important levels were $13,910 on the downside and $23,300 on the upside.

“The new BTC weekly close occurs below key resistance,” he noted.

“Price made a small rejection but no substantial downward follow-up yet.”

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

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


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