Bitcoin price still due $12K dip, says trader as ETF guru backs GBTC

Bitcoin (BTC) stayed undecided astatine the Nov. 24 Wall Street unfastened arsenic 1 trader reinforced a $12,000 BTC terms target.

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

BTC terms "main target" for bottommost $12,000-$14,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $16,500 arsenic an eerie calm continued connected the market.

The brace nevertheless failed to person analysts that amended times were connected the way, and fashionable commentator Il Capo of Crypto suggested that it was lone a substance of clip earlier downside resumed.

On some precocious timeframes (HTF) and debased timeframes (LTF), the representation looked bleak.

“Htf: little lows and little highs aft breaking a monthly redistribution range. Below June's debased and astatine proviso zone. Ltf: anemic inclination caused by a abbreviated compression (bull trap). Volume dying,” helium summarized to Twitter followers connected the day.

“12000-14000 remains the main people for a section bottommost formation.”

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

As Cointelegraph reported, aggregate BTC terms forecasts proceed to telephone for a sub-$14,000 carnivore marketplace bottom.

Replying to Il Capo of Crypto, meanwhile, chap expert Gert van Lagen offered a imaginable upside resistance/ enactment flip astatine $18,100 arsenic a bullish cue.

BTC/USD rising from existent levels to clasp there, helium wrote, would marque the caller two-year debased of $15,480 a “triple bottom” for 2022.

“It qualifies so lone if 18.1k gets broken,” Van Lagen stressed.

Analyst: "99.9% chance" GBTC Bitcoin exists

Within crypto circles, the destiny of Digital Currency Group (DCG), its subsidiary, Grayscale and the Grayscale Bitcoin Trust (GBTC) continued to represent a large talking point.

Related: Cathie Wood’s ARK Invest adds much Bitcoin vulnerability arsenic GBTC, Coinbase banal deed caller lows

One of the latest contributions came from Bloomberg Intelligence exchange-traded money (ETF) expert James Seyffart, who successful a dedicated Twitter thread said that contempt marketplace nerves, voluntary liquidation of the $10.5 cardinal GBTC was “unlikely.”

“That conscionable doesn't look similar its connected the array to me,” helium wrote.

Acknowledging vexation astatine the fund’s discount to the Bitcoin spot price, Seyffart concluded that ultimately, fixed the worldly available, determination was a “99.9% chance” that it held the BTC it claimed via custodian Coinbase.

The GBTC spot terms discount was astatine 39.2% arsenic of Nov. 24, information from monitoring assets Coinglass showed.

GBTC premium vs. plus holdings vs. BTC/USD chart. Source: Coinglass

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