Many analysts say that Bitcoin bear market declines will come in a variety of shapes and sizes. However, the consensus is that the BTC price will fall further.
Grayscale Bitcoin Trust is at the center of concerns
Leading crypto Bitcoin has dropped below $16,000 at press time. As you follow on Kriptokoin.com, sentiment is on the edge as rumors about crypto company conglomerate Digital Currency Group (DCG) keep swirling. With speculation about possible liquidity issues surfacing on social media, the $10.5 billion investment vehicle Grayscale Bitcoin Trust (GBTC) is at the center of the concerns.
GBTC custodian Coinbase confirmed that Bitcoin assets (over 635,000 BTC) were safe and available that day. GBTC is just one of multiple potential victims in the ongoing meltdown of the FTX exchange and its related businesses. However, crypto prices remain highly sensitive to the issue. Traders and analysts have therefore lined up to provide short-term BTC price targets. These targets are mostly bearish, perhaps unsurprisingly.
Anbessa: $14,600, $15,300, $17,580
Popular Twitter commentator Anbessa says BTC will retest lower levels from now on. However, it also suggests a re-entry level in case market power returns. The analyst was involved in a Twitter discussion with an annotated graphic. In this direction, the analyst highlights $14,600 as the ‘most ready’ area to increase BTC investment.
“Time has passed and the plan has not changed,” Anbessa said. The re-entry is currently slightly lower (declining trendline support)”. The analyst says that if Bitcoin stops its decline now, the re-entry point will be just below the previous macro low of June at $17,600. For the strategy to be valid, BTC needs to find support from there.
BTC explanatory chart / Source: Anbessa/ TwitterLondon Crypto targets: $12,000, $175,000
Like others, The London Crypto, partner of ByBit exchange, says that the ultimate bear market low for Bitcoin is around $12,000. The analyst arrives at the calculation using historical lows from all-time highs.
For every low cycle there is a high. However, the analyst is not shy about predicting the good times returning during Bitcoin’s next halving. The analyst shares the following assessment:
BTC corrected 77% in this bear market compared to 84% in 2013 and 83% in 2017. By examining our previous high and low cycles, it is possible to predict the low for this month is in the $10,000 – $12,000 range, followed by $175K in 2024-2025.
BTC caption chart / Source: The London Crypto/ TwitterSheldon the Sniper: $12,000-13,000
Sheldon the Sniper, whose sentiments set a rough target of $12,000-13,000, is also looking for a drop. As stated in another tweet, a jump above $18,000 will trigger an ’emptying’ of the BTC portfolio. Thus, several downside targets are crystallizing at the same time. These are various support zones at $14,013, $12,846, $11,747, and $10,594. “The drop may be before the dumping zone, but let’s see,” the analyst says.
BTC snapshot / Source: Sheldon the Sniper / TwitterKey weekly levels for Bitcoin from Rekt Capital
Meanwhile, Rekt Capital is marking key support and resistance zones in the form of closing prices on the weekly chart. “BTC has closed its latest weekly candle at $16,250 above $1,000, below the ‘key resistance’ of $17,322,” he warns. The analyst shares a summary chart. According to the chart, other key levels are $13,910 on the downside and $23,300 on the upside. In this context, the analyst says:
New BTC Weekly Close occurs below key resistance. Price performed a minor rejection. However, there is no significant downward follow-up yet.
BTC explanatory chart / Source: Rekt Capital/ Twitter
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