{"id":529252,"date":"2022-12-19T18:47:22","date_gmt":"2022-12-19T15:47:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/btc-price-faces-20-drop-in-weeks-if-bitcoin-avoids-key-level-analyst\/"},"modified":"2022-12-19T18:47:22","modified_gmt":"2022-12-19T15:47:22","slug":"btc-price-faces-20-drop-in-weeks-if-bitcoin-avoids-key-level-analyst","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/btc-price-faces-20-drop-in-weeks-if-bitcoin-avoids-key-level-analyst\/","title":{"rendered":"# BTC price faces 20% drop in weeks if Bitcoin avoids key level \u2014 analyst"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a28702f249d4\" 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-6a28702f249d4\" 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\/btc-price-faces-20-drop-in-weeks-if-bitcoin-avoids-key-level-analyst\/#%E2%80%9D_BTC_price_faces_20_drop_in_weeks_if_Bitcoin_avoids_key_level_%E2%80%94_analyst_%E2%80%9C\" >&#8221; BTC price faces 20% drop in weeks if Bitcoin avoids key level \u2014 analyst &#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\/btc-price-faces-20-drop-in-weeks-if-bitcoin-avoids-key-level-analyst\/#BTC_traders_call_time_on_upside_potential\" >BTC traders call time on upside potential<\/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\/btc-price-faces-20-drop-in-weeks-if-bitcoin-avoids-key-level-analyst\/#Grayscale_CEO_FTX_was_a_%E2%80%9Cfailure_of_people%E2%80%9D\" >Grayscale CEO: FTX was a &#8220;failure of people&#8221;<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BTC_price_faces_20_drop_in_weeks_if_Bitcoin_avoids_key_level_%E2%80%94_analyst_%E2%80%9C\"><\/span>&#8221; BTC price faces 20% drop in weeks if Bitcoin avoids key level \u2014 analyst &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-30a6cf80>Bitcoin (BTC) stayed rigid below $17,000 at the Dec. 19 Wall Street open as skeptical traders feared more downside.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/42d784cc-69e5-400a-a264-bedcec5dc853.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_traders_call_time_on_upside_potential\"><\/span>BTC traders call time on upside potential<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 lingering around the $16,700 mark, practically unmoved over the weekend.<\/p>\n<p>The pair saw only fractional volatility at the open, as United States equities fell slightly. At the time of writing, the S&amp;P 500 and Nasdaq Composite Index were down 0.5% and 1%, respectively.<\/p>\n<p>For Bitcoin traders, there was little to celebrate, with consensus forming around the potential for testing lower levels next. <\/p>\n<p>\u201cBearish as long as it stays below the $19k,\u201d Crypto Poseidon <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoPoseidonn\/status\/1604781604525977600\">summarized<\/a> alongside a chart.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/5e2a6245-8439-4b56-b695-5857ed4fd2d4.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Crypto Poseidon\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Popular trader and analyst Rekt Capital highlighted $17,150 as an important level to reclaim to avoid further downside later on. <\/p>\n<p>\u201cIf BTC continues to reject from the ~$17150 resistance&#8230; Then price could drop up to -20% to the downside in the coming weeks,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1604856834459934720\">predicted<\/a>, uploading the 1-month BTC\/USD chart.<\/p>\n<p>Rekt Capital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1604857666299363328\">added<\/a> that there was \u201cstill time for BTC to perform a Monthly Close above the ~$17150 level later this month,\u201d but that \u201ca Monthly Close below ~$17150 would confirm the beginnings of a breakdown from here.\u201d<\/p>\n<p>Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, meanwhile <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1604755618375639040\">offered<\/a> a slightly more hopeful outlook.<\/p>\n<p>With more U.S. economic data expected toward the end of the week, BTC\/USD had the potential to break to the upside and target $17,300 to then offer \u201cshort opportunities.\u201d<\/p>\n<p>\u201cNo breakthrough, then looking for longs around $16.2K or $15.5K,\u201d he countered.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/af67b359-fe47-4980-8a33-7d006e06242e.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/ Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Grayscale_CEO_FTX_was_a_%E2%80%9Cfailure_of_people%E2%80%9D\"><\/span>Grayscale CEO: FTX was a &#8220;failure of people&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> that BinanceUS, the U.S. offshoot of largest crypto exchange Binance, had offered to acquire the assets of stricken lender Voyager, meanwhile had no tangible impact on market performance.<\/p>\n<p><strong><em>Related:\u00a0&#8216;Wave lower&#8217; for all markets? 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>The latest development in the FTX saga, the announcement came as Binance itself continued to deal with what its CEO, Changpeng Zhao again <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1604180801695907841\">called<\/a> \u201cFUD\u201d over the weekend.<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/grayscale.com\/end-of-year-ceo-letter-to-investors-2022\/\">letter to investors<\/a>, meanwhile, Michael Sonnenshein, CEO of investment firm Grayscale, sought to draw a clear distinction between FTX and crypto as a whole. Grayscale\u2019s parent company, Digital Currency Group (DCG), had previously also become caught up in the FTX aftermath.<\/p>\n<p>\u201cFTX Was a Failure of People, Not a Failure of Crypto: Too many investors were harmed. From crypto to traditional finance, mainstream media, and D.C. \u2013 it seems few were spared from deception through false narratives and false documentation,\u201d he wrote. <\/p>\n<blockquote><p>\u201cWe should not, however, conflate the actions of a few individuals and organizations with Bitcoin or Ethereum, the underlying blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>, or smart contracts and decentralized finance <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications.\u201d<\/p><\/blockquote>\n<p>Grayscale\u2019s flagship product, the Grayscale Bitcoin Trust (GBTC), traded at a 48.7% discount to the Bitcoin spot price as of Dec. 17 \u2014 its steepest discount ever, according to data from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/Grayscale\">Coinglass<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/607385db-629f-4bdb-a28b-7581b50b6da6.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 News 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\/btc-price-faces-20-drop-in-weeks-if-bitcoin-avoids-key-level-analyst\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; BTC price faces 20% drop in weeks if Bitcoin avoids key level \u2014 analyst &#8220; Bitcoin (BTC) stayed rigid below $17,000 at the Dec. 19 Wall Street open as skeptical traders feared more downside. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC traders call time on upside potential Data from Cointelegraph Markets Pro and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":529253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/aff337c6-ad43-40fd-b7de-bda7b6cacfa3.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,82548,76550,73785],"class_list":["post-529252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-gbtc","tag-grayscale","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/529252","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=529252"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/529252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/529253"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=529252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=529252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=529252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}