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Saturday, February 4, 2023

Bitcoin Could Be Looking At A Dip Of $12K

The price of Bitcoin remained undecided on the 24th of November, with a single trader reinforcing the price target of $12,000 BTC.

According to data that was retrieved from TradingView and Cointelegraph Markets Pro, it has been understood that the entire exchange circled around a price of $16,500- which quite represented the calm before the storm on the crypto market.

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The USD/BTC pair still failed to convince the analysts that better times seemed to be on the way, with a popular commentator referred to as Il Capo of Crypto stating that it was just a matter of time before the cryptocurrency shifted downwards again. It is interesting to note that on both low and high timeframes, the picture that surrounds BTC looks pretty bleak. 

Bitcoin Looking At An Upward Trajectory in Price?

As reported by Cointelegraph, multiple forecasts of the price of Bitcoin did continue to call for a bear market bottom of $14,000. Another trader, who went by the name Gert van Lagan, responded to Il Capo, by offering a potential support flip or an upside resistance at a sum of $18,000 as a bullish cue.

The exchange is still rising from the current levels and could be expected to hold on to that position, which according to him would make the current two-year low sum of $15,480 the triple bottom for 2022. Van Lagen further stressed that this would qualify only if 18.1k gets broken. 

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One of the major contributions came from an ETF analyst James Seyffart- affiliated with Bloomberg Intelligence- who stated that despite shaky nerves in the market, a voluntary liquidation of around $10.5 Grayscale Bitcoin Trust was quite unlikely. 

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