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BTC Price Faces 20% Drop in Weeks If Bitcoin Avoids Key Level – Analyst

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bitcoin (BTC) remained flat below $17,000 on Wall Street on December 19 as skeptical traders feared a further pullback.

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

BTC traders call time for bullish potential

information from Cointelegraph Markets Pro And the TradingView It showed BTC/USD lingering around the $16,700 mark, virtually unaffected over the weekend.

The pair saw only partial volatility at the open, as US stocks fell slightly. At the time of writing, the S&P 500 and Nasdaq Composite are down 0.5% and 1%, respectively.

For bitcoin traders, there was not much to celebrate, with the consensus that the lows could be tested next.

“My downfall as long as it stays under $19,000,” Crypto Poseidon summary next to the chart.

Annotated BTC/USD chart. Source: Crypto Poseidon / Twitter

The famous trader and analyst Rekt Capital highlighted $17,150 as an important level that must be recovered to avoid further declines later.

“If BTC continues to reject from the $17,150 resistance…then the price could drop up to -20% to the downside in the coming weeks.” and expectDownload BTC/USD 1-month chart.

Rekt Capital added that “there is still time for Bitcoin to perform a monthly close above $17,150 later this month,” but “a monthly close below ~$17,150 would confirm the beginnings of a breakdown from here.”

Meanwhile, Michael Van de Poppe, founder and CEO of the trade firm Eight Progress Look a little more optimistic.

With more US economic data expected towards the end of the week, BTC/USD had the potential to break to the upside and target $17,300 to offer a “short opportunity”.

He replied, “No breakout, then look for longs at around $16.2k or $15.5k.”

Annotated BTC/USD chart. Source: Michaël van de Poppe / Twitter

Grayscale CEO: FTX was a ‘failure to people’

News that BinanceUS, the US subsidiary of the largest cryptocurrency exchange Binance, has Progress For the distressed lender assets Voyager, at the same time did not have a significant impact on market performance.

Related: “low wave” for all markets? 5 things to know in bitcoin this week

The latest twist in the FTX saga, the announcement came in the name of Binance itself I continued Ma to deal with its CEO, Changpeng Zhao again Call “FUD” over the weekend.

in a Letter to investorsMeanwhile, Michael Sonnenstein, CEO of investment firm Grayscale, has sought to make a clear distinction between FTX and cryptocurrencies as a whole. Grayscale’s parent company, Digital Currency Group (DCG), has also gone by Caught up In the wake of FTX.

“FTX was a failure of the people, not a failure of crypto: many investors were hurt. From cryptocurrency to traditional finance, mainstream media, and capital – few people seem to have escaped being deceived by false narratives and false documentation.”

“However, we should not confuse the actions of a few individuals and institutions with Bitcoin or Ethereum, the underlying blockchain technology, or smart contracts and decentralized finance applications.”

Grayscale’s flagship product, the Grayscale Bitcoin Trust (GBTC), is trading at a 48.7% discount to the Bitcoin spot price as of Dec. 17 — the largest discount ever, according to data from Coinglass.

GBTC premium vs asset holdings vs BTC/USD chart. Source: Coinglass

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.