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Bitcoin Price Still Should Drop $12K, Trader Says As ETF Guru Backs GBTC

Bitcoin (BTC) remained hesitant at the November 24 Wall Street open as one trader reinforced BTC’s $12,000 price target.

Hourly candlestick chart BTC/USD (Bitstamp). Source: Trading View

BTC price “primary target” for $12,000-$14,000 low.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around $16,500 as the market continued to suffer an eerie lull.

The pair, however, failed to convince analysts that better times were just around the corner, with popular commentator Il Capo of Crypto suggesting it was only a matter of time before the decline resumed.

Both the high timeframes (HTF) and the low timeframes (LTF) looked bleak.

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

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

Annotated BTC/USD chart. Source: Il Capo at Crypto/Twitter

As Cointelegraph reported, multiple BTC price predictions continue to point to a bear market bottom below $14,000.

I answer Meanwhile, fellow analyst Gert van Lagen, speaking to Crypto’s Il Capo, suggested a potential increase in resistance/support at $18,100 as a bullish signal.

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

“It only really qualifies if 18.1k is broken,” Van Lagen said.

Analyst: ‘99.9% chance’ Bitcoin GBTC exists

In crypto circles, the fate of Digital Currency Group (DCG), its subsidiary Grayscale and Grayscale Bitcoin Trust (GBTC) continued to be a major topic of discussion.

Related: ARK Invest Katie Wood Adds More Bitcoin as GBTC, Coinbase Shares Hit New Lows

One of the latest contributions came from Bloomberg Intelligence (ETF) analyst James Seiffart, who in a special Thread on Twitter said that despite market jitters, a $10.5 billion voluntary liquidation of GBTC is “unlikely.”

“It just doesn’t look like what I need,” he wrote.

While acknowledging disappointment with the fund’s discount on the spot price of bitcoin, Seyffart concluded that ultimately, given the material available, there was a “99.9% chance” that he was holding the BTC he was claiming through a custodian. Coinbase.

The discount on the spot price of GBTC as of November 24 was 39.2%, data from the monitoring resource Coinglass showed.

GBTC premium versus assets versus BTC/USD chart. Source: Coinglass

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