Bitcoin price target now $13.5K as BTC trader says 'exit all markets'

1 year ago

Bitcoin (BTC) ranged astir $16,500 connected Nov. 17 arsenic markets digested the latest events surrounding speech FTX.

FTX CEO tells of "complete nonaccomplishment of firm controls"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD seeing lone mild volatility astatine the Wall Street open.

The brace showed acclimatization to events astir the FTX insolvency, the latest including revelations that Alameda Research had been immune from liquidation portion trading connected the platform.

After the departure of Sam Bankman-Fried, caller CEO John Ray III wasted nary clip successful acknowledging the grade of the problems near successful his wake.

In a filing with the U.S. bankruptcy tribunal for the territory of Delaware widely quoted successful mainstream media, Ray described firm power of FTX arsenic a “complete failure.” He wrote:

“Never successful my vocation person I seen specified a implicit nonaccomplishment of firm controls and specified a implicit lack of trustworthy fiscal accusation arsenic occurred here.

As Cointelegraph reported, United States lawmakers mean to clasp a dedicated proceeding connected FTX adjacent month, portion Bankman-Fried is reportedly taxable to efforts to extradite him from the Bahamas.

BTC terms enactment has nevertheless managed to shingle disconnected related volatility, arsenic evidenced successful the modest reaction to quality of contagion impacting the crypto lending limb of Genesis Trading connected Nov. 16.

Analyzing the existent climate, however, fashionable commentators connected the time were acold from optimistic.

“Bulls truly request to reclaim $17,600 for america to beryllium capable to displacement nicely successful a agelong position,” Crypto Tony tweeted, adding that “for present bears are successful control.”

Il Capo of Crypto, repeating a informing that altcoins could spot further losses of up to 50%, was adjacent much frank successful his connection to followers.

“I repeat... EXIT ALL THE MARKETS,” helium stated the time prior, suggesting that “most radical are not acceptable for what is coming.”

Bid liquidity offers $13,500 support

On the taxable of imaginable BTC/USD downside targets, chap expert Titan of Crypto flagged assorted high-liquidity zones connected speech bid books.

The largest of these, comments said, lies astatine $13,500.

“Although there's liquidity to drawback astir $18.5k, $17.2k and $15.5k, the bigger 1 is little astatine $13.5k,” they stated.

Analytics assets Material Indicators meantime calculated full bid liquidity betwixt spot terms and $13,000 arsenic $195 cardinal connected the Binance bid book.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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