Bitcoin (BTC<\/a>) held steady at the Nov. 21 Wall Street open following a weekly close at levels not seen since late 2020.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hovering above $16,000 after dipping below the level overnight.<\/p>\n Sentiment remained on a knife edge as rumors over crypto business conglomerate, Digital Currency Group (DCG) continued to swirl. <\/p>\n Concerns focused on the $10.5 billion investment vehicle, the Grayscale Bitcoin Trust (GBTC), with unsubstantiated talk of possible liquidity problems surfacing across social media.<\/p>\n Coinbase, the GBTC custodian, reportedly\u00a0confirmed<\/a> its Bitcoin holdings \u2014 over 635,000 BTC \u2014 were safe and present on the day.<\/p>\n GBTC was just one of multiple potential victims in the ongoing meltdown of exchange FTX<\/a> and its related businesses, however, and crypto prices remained highly sensitive to the topic.<\/p>\n Traders and analysts thus lined up to deliver short-term BTC price targets, these perhaps unsurprisingly being mostly to the downside.<\/p>\n Popular Twitter commentator Anbessa laid out the case for BTC\/USD retesting lower levels next, but also offered a reentry level should market strength return.<\/p>\n Updating<\/a> a Twitter discussion with an annotated chart, he highlighted $14,600 as a \u201cmost primed\u201d area to increase BTC exposure.<\/p>\n \u201cTime has passed, and the plan hasn’t changed. The re-entry is a bit lower now (descending trendline support),\u201d he summarized in accompanying comments.<\/p>\n If Bitcoin were to halt its descent now, Anbessa said that a reentry point would be just below $17,600 \u2014 the site of June\u2019s previous macro low. BTC\/USD would need to flip it to support for the strategy to be valid.<\/p>\n Like several others, The London Crypto, partner of exchange ByBit, believes that the ultimate bear market low lies around $12,000 for Bitcoin.<\/p>\n He arrived at the calculation using historical drawdowns from all-time highs.<\/p>\n For every cycle low, there is a high, however, and optimistic The London Crypto was not shy about predicting the good times returning around Bitcoin\u2019s next block subsidy halving.<\/p>\n \u201cBTC has made a 77% correction in this bear market, compared to 84% in 2013 and 83% in 2017,\u201d he noted. <\/p>\n \u201cStudying our previous cycles high vs lows, we can estimate the low for this bear to be the $10k-$12k range, followed by a high of $175k in 2024-2025.\u201d<\/p><\/blockquote>\n His sentiment was shared by Sheldon the Sniper on the day, who gave a rough target of $12,000-$13,000.<\/p>\n A bounce past $18,000 would trigger \u201coffloading\u201d of his BTC portfolio, a further tweet stated, with several downside targets crystalizing at the same time.<\/p>\n These came in the form of various support zones at $14,013, $12,846, $11,747 and $10,594.<\/p>\n \u201cDrop may happen before offload zone but lets see,\u201d he added.<\/p>\n Analyst Rekt Capital meanwhile flagged<\/a> important support and resistance zones in the form of closing prices on the weekly chart.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/81968e10-bc6d-4da0-a12c-22a32da009b5.png\")
Anbessa: $14,600, $15,300, $17,580<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/657a0dab-ed30-4081-9912-bd0f3ebfe5b3.png\")
The London Crypto: $12,000, $175,000<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/9bb5b59d-b3b2-424e-b1ee-68f8af944bdb.png\")
Sheldon the Sniper: $12,000-$13,000<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/ff8c0297-2550-42cc-9c06-ac422424a1a7.png\")
Rekt Capital: Key weekly levels <\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/7efff81e-ba89-4dfb-8ffb-5c052da2f54f.png\")