Bitcoin Will ‘Teleport’ To $14K Or Worse If BTC Breaks $16K — Analyst
Bitcoin (BTC) hovered above $16,000 at the Wall Street open on November 28 as analysts diverged on the next market move.
Bitcoin spot price near key support
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD maintaining the $16,000 support level at the time of writing amid doubts about China’s impact on risk assets.
After a modestly higher weekly close, the pair still lacked volatility as a commentator warned of a “teleporter” against $12,000 $16,000 should break.
“When it breaks below 16k, it teleports to 12k-14k,” Il Capo of Crypto insisted.
Popular Twitter account Credible Crypto asked where volatility had gone, while Crypto Tony also identified $16,000 as a line in the sand for his own trading strategy.
“Finally some movement.. Stop loss remains firm at $16,000 but will close if we hit and look for shorts if we then continue to close below support and turn into resistance,” part of a tweet read on the day.
Fellow trader Pentoshi, meanwhile, focused on macro triggers as China’s anti-COVID protests weighed on sentiment.
S&P 500, huh predictedwas due for a decline the next time, setting the tone for a long-term downtrend to continue.
$19,500 could become new BTC price ceiling
Others drew attention to the upcoming monthly close due to a lack of catalysts elsewhere at the beginning of the week.
Related: New BTC Miner Surrender? 5 things to know in Bitcoin this week
Beyond a source of potential volatility, trader and analyst Rekt Capital noted that Bitcoin’s monthly closing price would determine its long-term price range.
“When BTC lost ~$19500 level as support… It broke down in ~$13900-$19500 Monthly Range,” he explained on the day.
“Monthly Candle Close is coming soon. A monthly close below ~$19500 is likely to confirm the ~$13900-$19500 range as the new playground.”
BTC/USD was down around 21% for the month of November at the time of writing, marking its worst November performance since the last bear market year of 2018.
Cointelegraph previously outlined potential bottom targets for the pair, among them based on performance during previous bear markets.
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
