BTC price faces 20% drop in weeks if Bitcoin avoids key level — analyst

1 year ago

Bitcoin (BTC) stayed rigid beneath $17,000 astatine the Dec. 19 Wall Street unfastened arsenic skeptical traders feared much downside.

BTC traders telephone clip connected upside potential

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering astir the $16,700 mark, practically unmoved implicit the weekend.

The brace saw lone fractional volatility astatine the open, arsenic United States equities fell slightly. At the clip of writing, the S&P 500 and Nasdaq Composite Index were down 0.5% and 1%, respectively.

For Bitcoin traders, determination was small to celebrate, with statement forming astir the imaginable for investigating little levels next.

“Bearish arsenic agelong arsenic it stays beneath the $19k,” Crypto Poseidon summarized alongside a chart.

Popular trader and expert Rekt Capital highlighted $17,150 arsenic an important level to reclaim to debar further downside aboriginal on.

“If BTC continues to cull from the ~$17150 resistance... Then terms could driblet up to -20% to the downside successful the coming weeks,” helium predicted, uploading the 1-month BTC/USD chart.

Rekt Capital added that determination was “still clip for BTC to execute a Monthly Close supra the ~$17150 level aboriginal this month,” but that “a Monthly Close beneath ~$17150 would corroborate the beginnings of a breakdown from here.”

Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, meantime offered a somewhat much hopeful outlook.

With much U.S. economical information expected toward the extremity of the week, BTC/USD had the imaginable to interruption to the upside and people $17,300 to past connection “short opportunities.”

“No breakthrough, past looking for longs astir $16.2K oregon $15.5K,” helium countered.

Grayscale CEO: FTX was a "failure of people"

News that BinanceUS, the U.S. offshoot of largest crypto speech Binance, had offered to get the assets of stricken lender Voyager, meantime had nary tangible interaction connected marketplace performance.

The latest improvement successful the FTX saga, the announcement came arsenic Binance itself continued to woody with what its CEO, Changpeng Zhao again called “FUD” implicit the weekend.

In a letter to investors, meanwhile, Michael Sonnenshein, CEO of concern steadfast Grayscale, sought to gully a wide favoritism betwixt FTX and crypto arsenic a whole. Grayscale’s genitor company, Digital Currency Group (DCG), had antecedently besides go caught up successful the FTX aftermath.

“FTX Was a Failure of People, Not a Failure of Crypto: Too galore investors were harmed. From crypto to accepted finance, mainstream media, and D.C. – it seems fewer were spared from deception done mendacious narratives and mendacious documentation,” helium wrote.

“We should not, however, conflate the actions of a fewer individuals and organizations with Bitcoin oregon Ethereum, the underlying blockchain technology, oregon astute contracts and decentralized concern applications.”

Grayscale’s flagship product, the Grayscale Bitcoin Trust (GBTC), traded astatine a 48.7% discount to the Bitcoin spot terms arsenic of Dec. 17 — its steepest discount ever, according to information from Coinglass.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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