Bitcoin price still due for $12,000 drop, trader says as ETF guru backs GBTC

BTC price bear market lower targets continue below $14,000 despite Bitcoin rebounding above 16 $000.

Market Update

Bitcoin (BTC) remained undecided on November 24, as a trader reinforced a $12,000 price target for BTC.

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

BTC "primary target" price for low $12,000-$14,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around $16,500 as an ominous calm continued in the market.

The pair, however, failed to convince analysts that better times were on the way, and popular Crypto commentator Il Capo suggested it was only a matter of time before the decline resumed .

On high timeframes (HTF) and short timeframes (LTF), the picture looked bleak.

“Htf: lower lows and lower highs after crossing a monthly redistribution range. Below the June low and in the supply zone. Ltf: weak trend caused by a short squeeze (bull trap). Volume dying,” he summarized to Twitter followers that day.

"12000-14000 remains the primary target for local background formation."

Annotated BTC/USD chart. Source: Crypto's Il Capo/Twitter

As reported by Cointelegraph, multiple BTC price predictions continue to call for a bottom below $14,000.

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