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Bitcoin price levels to watch as traders bet as low as $14k BTC

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bitcoin (BTC) flat at the Wall Street open on November 21 after closing weekly at levels not seen since late 2020.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

information from Cointelegraph Markets Pro And the TradingView It showed BTC/USD hovering above $16,000 after falling below the level overnight.

Sentiment remained on edge as rumors about crypto business conglomerate, Digital Currency Group (DCG) continued to swirl.

Concerns have focused on the $10.5 billion investment vehicle, the Grayscale Bitcoin Trust (GBTC), with baseless talk of potential liquidity problems emerging across social media.

Reportedly, Coinbase, the custodian of GBTC has been confirmed Its Bitcoin holdings — over 635,000 BTC — were safe and in place on the day.

GBTC was just one of many potential victims right now FTX exchange breakdown And related companies, however, cryptocurrency prices have remained highly sensitive to the topic.

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Traders and analysts have thus lined up to present short-term Bitcoin price targets, and perhaps unsurprisingly, these targets are mostly to the downside.

Anbesa: $14,600, $15,300, $17,580

Popular Twitter commentator Anbessa presented a case for BTC/USD retesting lower levels afterwards, but also a re-entry level should market strength return.

update In a Twitter discussion with an illustrative chart, he highlighted $14,600 as the “most poised” area for increased BTC exposure.

Time has passed, and the plan has not changed. Re-entry is a bit lower now (downtrend line support),” he summarized in the accompanying comments.

If Bitcoin stops falling now, Anbessa said the return point would be just below $17,600 – the site of the previous big drop in June. BTC/USD will need to turn around to support the strategy for it to be valid.

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Annotated BTC/USD chart. Source: Anbessa / Twitter

London cryptocurrency: $12,000, $175,000

Like many others, ByBit exchange partner The London Crypto believes the eventual bear market low lies around $12,000 for bitcoin.

It reached the account using the historic pullback from its all-time high.

For every low cycle, there is a high, however, and The London Crypto hasn’t been shy about predicting the good times are coming back around Bitcoin’s next block support halving.

“Bitcoin has corrected 77% in this bear market, compared to 84% in 2013 and 83% in 2017,” he noted.

“Examining our previous high versus low cycles, we can estimate the low for this bear to be a $10K-12K range, followed by a $175K high in 2024-2025.”
Annotated BTC/USD chart. Source: The London Crypto / Twitter

Sheldon the sniper: $12,000-$13,000

Similar sentiments were shared that day by Sheldon the Sniper, who gave a rough target of $12,000 to $13,000.

Another tweet stated that a bounce past $18,000 would “dump” his BTC portfolio, with several downside targets taking shape at the same time.

These came in the form of different support areas at $14,013, $12,846, $11,747 and $10,594.

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“The projection may happen before the dump area, but let’s see,” he added.

Annotated BTC/USD chart. Source: Sheldon the Sniper / Twitter

Rekt Capital: key weekly levels

Meanwhile, analyst React Capital Putting a mark Important support and resistance areas in the form of closing prices on the weekly chart.

Related: GBTC Next BTC Black Swan Price? 5 things to know in Bitcoin this week

At $16,250, BTC/USD closed its latest weekly candlestick above $1,000 below the “key resistance” at $17,322, he warned.

Loading a summary chart, the other important levels were $13,910 to the downside and $23,300 to the upside.

He noted, “Bitcoin’s fresh weekly closing is below the key resistance level.”

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“Price has made a slight rejection but no significant negative follow-up yet.”
Annotated BTC/USD chart. Source: Rekt Capital / Twitter

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