BTC value faces 20% drop in weeks if Bitcoin avoids key degree — Analyst


Bitcoin (BTC) stayed inflexible beneath $17,000 on the Dec. 19 Wall Avenue open as skeptical merchants feared extra draw back.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

BTC merchants name time on upside potential

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD lingering across the $16,700 mark, virtually unmoved over the weekend.

The pair noticed solely fractional volatility on the open, as United States equities fell barely. On the time of writing, the S&P 500 and Nasdaq Composite Index had been down 0.5% and 1%, respectively.

For Bitcoin merchants, there was little to have a good time, with consensus forming across the potential for testing decrease ranges subsequent.

“Bearish so long as it stays beneath the $19k,” Crypto Poseidon summarized alongside a chart.

BTC/USD annotated chart. Supply: Crypto Poseidon/Twitter

Well-liked dealer and analyst Rekt Capital highlighted $17,150 as an necessary degree to reclaim to keep away from additional draw back in a while.

“If BTC continues to reject from the ~$17150 resistance… Then value may drop as much as -20% to the draw back within the coming weeks,” he predicted, importing the one-month BTC/USD chart.

Rekt Capital added that there was “nonetheless time for BTC to carry out a Month-to-month Shut above the ~$17150 degree later this month” however that “a Month-to-month Shut beneath ~$17150 would affirm the beginnings of a breakdown from right here.”

Michaël van de Poppe, founder and CEO of buying and selling agency Eight, in the meantime, provided a barely extra hopeful outlook.

With extra U.S. financial knowledge anticipated towards the top of the week, BTC/USD had the potential to interrupt to the upside and goal $17,300 to then supply “brief alternatives.”

“No breakthrough, then on the lookout for longs round $16.2K or $15.5K,” he countered.

BTC/USD annotated chart. Supply: Michaël van de Poppe/Twitter

Grayscale CEO: FTX was a “failure of individuals”

Information that Binance.US, the U.S. offshoot of crypto change Binance, had provided to accumulate the belongings of stricken lender Voyager, nevertheless it had no tangible affect on market efficiency.

Associated: ‘Wave decrease’ for all markets? 5 issues to know in Bitcoin this week

The newest improvement within the FTX saga, the announcement got here as Binance itself continued to cope with what its CEO, Changpeng Zhao, once more known as “FUD” over the weekend.

In a letter to buyers, in the meantime, Michael Sonnenshein, CEO of funding agency Grayscale, sought to attract a transparent distinction between FTX and crypto as an entire. Grayscale’s mum or dad firm, Digital Foreign money Group (DCG), had beforehand additionally turn out to be caught up within the FTX aftermath.

“FTX Was a Failure of Individuals, Not a Failure of Crypto: Too many buyers had been harmed. From crypto to conventional finance, mainstream media, and D.C. – it appears few had been spared from deception by false narratives and false documentation,” he wrote.

“We should always not, nevertheless, conflate the actions of some people and organizations with Bitcoin or Ethereum, the underlying blockchain know-how, or good contracts and decentralized finance purposes.”

Grayscale’s flagship product, the Grayscale Bitcoin Belief (GBTC), traded at a 48.7% low cost to the Bitcoin spot value as of Dec. 17 — its steepest low cost ever, in accordance with knowledge from Coinglass.

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

The views, ideas and opinions expressed listed below are the authors’ alone and don’t essentially mirror or characterize the views and opinions of Cointelegraph.


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