Bitcoin Price Levels to Watch as Traders Bet on Sub-$14K BTC
Bitcoin (BTC) held steady at the November 21 Wall Street open after a weekly close at levels not seen since late 2020.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering above $16,000 after falling below the level overnight.
Sentiment remained on a knife edge as rumors about crypto business conglomerate Digital Currency Group (DCG) continued to swirl.
Concerns focused on the $10.5 billion investment vehicle Grayscale Bitcoin Trust (GBTC), with unsubstantiated talk of possible liquidity problems surfacing on social media.
Coinbase, the GBTC custodian, reportedly confirmed Bitcoin holdings – over 635,000 BTC – were safe and sound on the day.
However, GBTC was just one of several potential casualties in the ongoing meltdown of exchange FTX and its related businesses, and crypto prices remained highly sensitive to the topic.
Traders and analysts thus lined up to deliver short-term BTC price targets, perhaps unsurprisingly mostly on the downside.
Anbessa: $14,600, $15,300, $17,580
Popular Twitter commentator Anbessa made the case for BTC/USD retesting lower levels, but also offered a reentry level should market strength return.
Updating a Twitter discussion with an annotated chart, he highlighted $14,600 as a “most primed” area to increase BTC exposure.
“Time has passed and the plan has not changed. Re-entry is slightly lower now (descending trendline support),” he summarized in accompanying comments.
If Bitcoin were to stop its descent now, Anbessa said a reentry point would be just below $17,600 — the site of June’s previous macro low. BTC/USD needs to turn it to support for the strategy to be valid.
The 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 by using historical moves from all-time highs.
For every cyclical low, however, there is a high, and optimistic The London Crypto wasn’t shy about predicting the good times to return around Bitcoin’s next block support halving.
“BTC has made a 77% correction in this bear market, compared to 84% in 2013 and 83% in 2017,” he noted.
“When we study our previous cycles high vs low, we can estimate the low for this bear to be the $10k-$12k range, followed by a peak of $175ki in 2024-2025.”
Sheldon the Sniper: $12,000-$13,000
His sentiment was shared by Sheldon the Sniper on the day, who gave a rough estimate of $12,000-$13,000.
A bounce past $18,000 would trigger “offloading” of his BTC portfolio, a further tweet stated, with more 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.
“Release may happen before the relief zone, but let’s see,” he added.
Rekt Capital: Important weekly levels
Analyst Rekt Capital in the meantime the flag important support and resistance zones in the form of closing prices on the weekly chart.
Related: GBTC Next BTC Price Black Swan? — 5 things to know in Bitcoin this week
At $16,250, BTC/USD closed its last weekly candle above $1,000 below “key resistance” at $17,322, he warned.
Loading a summary chart, additional key levels were $13,910 to the downside and $23,300 to the upside.
“New BTC Weekly Close occurs below the key resistance,” he noted.
“The price has given a small rejection, but no significant downside follow-through so far.”
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