Bitcoin Price Could Fall Another 40% After FTX's 'Lehman Moment' - Analysis

BTC price targets now include $12,000, with Ether potentially falling to $800 for the bear market bottom. Market Update

Bitcoin (BTC) saw another rejection at $17,000 on Nov. 18 as jittery markets weathered more FTX fallout.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

BTC Gets $12,000 Price Target

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD failed to return $17,000 to support – a trend that has been in place for nearly a week.

The pair, like major altcoins, has remained firmly entrenched on the FTX debacle and its impact on various crypto businesses.

For analysts, the outlook remained equally bleak, with already gloomy forecasts deteriorating in light of recent events.

“This underperformance of all crypto assets is here to stay until most of the uncertainty has dissipated – likely only around the start of the new year,” wrote trading firm QCP Capital in its latest circular to subscribers of the Telegram channel the day .

In a detailed market summary, QCP wrote that its price predictions for Bitcoin and Ether (ETH) must now drop to reflect the impact of FTX.

Updating a prognosis based on Elliott Wave Theory from June, it confirmed that BTC/USD now has a target of $12,000 and ETH/USD $800.

"As a side note, crypto markets have been trading like commodities since the 2017 high - with wave 5 extended as the longest wave," the post added.

"Therefore, such potential price action with new lows in the new year would be characteristic...