Bitcoin (BTC<\/a>) stayed undecided on Nov. 24\u00a0 as one trader reinforced a $12,000 BTC price target.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD circling $16,500 as an eerie calm continued on the market.<\/p>\n The pair nonetheless failed to convince analysts that better times were on the way, and popular commentator Il Capo of Crypto suggested that it was only a matter of time before downside resumed.<\/p>\n On both high timeframes (HTF) and low timeframes (LTF), the picture looked bleak.<\/p>\n \u201cHtf: lower lows and lower highs after breaking a monthly redistribution range. Below June’s low and at supply zone. Ltf: weak trend caused by a short squeeze (bull trap). Volume dying,\u201d he summarized<\/a> to Twitter followers on the day. <\/p>\n \u201c12000-14000 remains the main target for a local bottom formation.\u201d<\/p><\/blockquote>\n As Cointelegraph reported<\/a>, multiple BTC price forecasts continue to call for a sub-$14,000 bear market bottom.<\/p>\n Replying<\/a> to Il Capo of Crypto, meanwhile, fellow analyst Gert van Lagen offered a potential upside resistance\/ support flip at $18,100 as a bullish cue.<\/p>\n BTC\/USD rising from current levels to hold there, he wrote, would make the recent two-year low of $15,480 a \u201ctriple bottom\u201d for 2022.<\/p>\n \u201cIt qualifies indeed only if 18.1k gets broken,\u201d Van Lagen stressed.<\/p>\n Within crypto circles, the fate of Digital Currency Group (DCG), its subsidiary, Grayscale and the Grayscale Bitcoin Trust (GBTC) continued to constitute a major talking point.<\/p>\n Related: Cathie Wood\u2019s ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows<\/a><\/em><\/strong><\/p>\n One of the latest contributions came from Bloomberg Intelligence exchange-traded fund (ETF) analyst James Seyffart, who in a dedicated Twitter thread<\/a> said that despite market nerves, voluntary liquidation of the $10.5 billion GBTC was \u201cunlikely.\u201d<\/p>\n \u201cThat just doesn’t seem like its on the table to me,\u201d he wrote.<\/p>\n Acknowledging frustration at the fund\u2019s discount to the Bitcoin spot price, Seyffart concluded that ultimately, given the material available, there was a \u201c99.9% chance\u201d that it held the BTC it claimed via custodian Coinbase.<\/p>\n The GBTC spot price discount was at 39.2% as of Nov. 24, data from monitoring resource Coinglass<\/a> showed.<\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/1d191f6f-b922-46f4-8910-ccb111950694.png\")
BTC price “main target” for bottom $12,000-$14,000<\/h2>\n
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Analyst: “99.9% chance” GBTC Bitcoin exists<\/h2>\n
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