{"id":515365,"date":"2022-11-24T18:28:58","date_gmt":"2022-11-24T15:28:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-still-due-12k-dip-says-trader-as-etf-guru-backs-gbtc\/"},"modified":"2022-11-24T18:28:58","modified_gmt":"2022-11-24T15:28:58","slug":"bitcoin-price-still-due-12k-dip-says-trader-as-etf-guru-backs-gbtc","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-still-due-12k-dip-says-trader-as-etf-guru-backs-gbtc\/","title":{"rendered":"# Bitcoin price still due $12K dip, says trader as ETF guru backs GBTC"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ff5b54d994\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ff5b54d994\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-still-due-12k-dip-says-trader-as-etf-guru-backs-gbtc\/#%E2%80%9D_Bitcoin_price_still_due_12K_dip_says_trader_as_ETF_guru_backs_GBTC_%E2%80%9C\" >&#8221; Bitcoin price still due $12K dip, says trader as ETF guru backs GBTC &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-still-due-12k-dip-says-trader-as-etf-guru-backs-gbtc\/#BTC_price_%E2%80%9Cmain_target%E2%80%9D_for_bottom_12000-14000\" >BTC price &#8220;main target&#8221; for bottom $12,000-$14,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-still-due-12k-dip-says-trader-as-etf-guru-backs-gbtc\/#Analyst_%E2%80%9C999_chance%E2%80%9D_GBTC_Bitcoin_exists\" >Analyst: &#8220;99.9% chance&#8221; GBTC Bitcoin exists<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_price_still_due_12K_dip_says_trader_as_ETF_guru_backs_GBTC_%E2%80%9C\"><\/span>&#8221; Bitcoin price still due $12K dip, says trader as ETF guru backs GBTC &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5129e2ea>Bitcoin (BTC) stayed undecided at the Nov. 24 Wall Street open as one trader reinforced a $12,000 BTC price target.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/1d191f6f-b922-46f4-8910-ccb111950694.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_%E2%80%9Cmain_target%E2%80%9D_for_bottom_12000-14000\"><\/span>BTC price &#8220;main target&#8221; for bottom $12,000-$14,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> showed BTC\/USD circling $16,500 as an eerie calm continued on the market.<\/p>\n<p>The pair nonetheless failed to convince analysts that better times were on the way, and popular commentator Il Capo of Crypto suggested that it was only a matter of time before downside resumed.<\/p>\n<p>On both high timeframes (HTF) and low timeframes (LTF), the picture looked bleak.<\/p>\n<p>\u201cHtf: lower lows and lower highs after breaking a monthly redistribution range. Below June&#8217;s low and at supply zone. Ltf: weak trend caused by a short squeeze (bull trap). Volume dying,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1595685568486178820\">summarized<\/a> to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers on the day. <\/p>\n<blockquote><p>\u201c12000-14000 remains the main target for a local bottom formation.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/975e7456-f445-450c-9347-717a3c927069.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Il Capo of Crypto\/ Twitter<\/em><\/figcaption><\/figure>\n<p>As Cointelegraph reported, multiple BTC price forecasts continue to call for a sub-$14,000 bear market bottom.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GertvanLagen\/status\/1595693057214742528\">Replying<\/a> to Il Capo of Crypto, meanwhile, fellow analyst Gert van Lagen offered a potential upside resistance\/ support flip at $18,100 as a bullish cue.<\/p>\n<p>BTC\/USD rising from current levels to hold there, he wrote, would make the recent two-year low of $15,480 a \u201c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>le bottom\u201d for 2022.<\/p>\n<p>\u201cIt qualifies indeed only if 18.1k gets broken,\u201d Van Lagen stressed.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_%E2%80%9C999_chance%E2%80%9D_GBTC_Bitcoin_exists\"><\/span>Analyst: &#8220;99.9% chance&#8221; GBTC Bitcoin exists<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Within crypto circles, the fate of Digital Currency Group (DCG), its subsidiary, Grayscale and the Grayscale Bitcoin Trust (GBTC) continued to constitute a major talking point.<\/p>\n<p><strong><em>Related: Cathie Wood\u2019s ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows<\/em><\/strong><\/p>\n<p>One of the latest contributions came from Bloomberg Intelligence exchange-traded fund (ETF) analyst James Seyffart, who in a dedicated <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JSeyff\/status\/1595539494593232896\">Twitter thread<\/a> said that despite market nerves, voluntary liquidation of the $10.5 billion GBTC was \u201cunlikely.\u201d<\/p>\n<p>\u201cThat just doesn&#8217;t seem like its on the table to me,\u201d he wrote.<\/p>\n<p>Acknowledging frustration at the fund\u2019s discount to the Bitcoin spot price, Seyffart concluded that ultimately, given the material available, there was a \u201c99.9% chance\u201d that it held the BTC it claimed via custodian Coinbase.<\/p>\n<p>The GBTC spot price discount was at 39.2% as of Nov. 24, data from monitoring resource <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/Grayscale\">Coinglass<\/a> showed.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/56851c50-c52a-4196-86de-386e69d258d9.png\"><figcaption style=\"text-align: center;\"><em>GBTC premium vs. asset holdings vs. BTC\/USD chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-still-due-12k-dip-says-trader-as-etf-guru-backs-gbtc\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin price still due $12K dip, says trader as ETF guru backs GBTC &#8220; Bitcoin (BTC) stayed undecided at the Nov. 24 Wall Street open as one trader reinforced a $12,000 BTC price target. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price &#8220;main target&#8221; for bottom $12,000-$14,000 Data from Cointelegraph Markets Pro and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":515366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNzZmMjVlYzctZTJjYS00MWQwLTg3NjgtY2Y0NDIzZTc2N2I5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,82548,73785,68637],"class_list":["post-515365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-gbtc","tag-markets","tag-predictions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/515365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=515365"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/515365\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/515366"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=515365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=515365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=515365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}