Even with ETF guru backing GBTC, Bitcoin price is still due a $12K dip

Key points: 

• Data shows Bitcoin hovering around $16,500 against the dollar amid unusually calm markets.
• Il Capo said it is only a matter of time before the bearish move resumed.
• Multiple BTC price predictions continue to point to a bear market bottom below $14,000.
• ETF analyst James Seyffart said that a voluntary liquidation of the $10.5 billion GBTC is “unlikely” despite tight markets.
• According to data from Coinglass, as of November 24, the spot price of GBTC has dropped by 39.2%.

Bitcoin remains unsure on Nov. 24, as traders reiterated a $12,000 BTC price target.

BTC price 'primary target' is $12,000-$14,000 bottom

Data from TradingView showed Bitcoin hovering around $16,500 against the dollar amid unusually calm markets.

The pair still failed to convince analysts that the future is better, with popular cryptocurrency commentator Il Capo saying it is only a matter of time before the bearish move resumed.

The picture looks dull on both the high time frame (HTF) and the low time frame (LTF).

"Htf: Lower lows and highs after breaking out of monthly redistribution range. Below June low and supply zone. Ltf: Weak trend from short squeeze (bull trap). Sales are falling," he said on the day summing up to his Twitter followers:

“12000-14000 remains the main target for a local bottom formation.”

According to reports, multiple BTC price predictions continue to point to a bear market bottom below $14,000.

Meanwhile, in a reply to Crypto’s Il Capo, analyst Gert van Lagen raised a potential resistance/support level of $18,100 as a bullish sign.

A surge in BTC/USD to this level from current levels would make the recent two-year low of $15,480 a “triple bottom” in 2022, he wrote.

"It only qualifies if 18.1K is broken," emphasizes van Lagen.

Analyst: '99.9% Chance' GBTC Bitcoin Exists

The fate of Digital Currency Group (DCG), its subsidiary Grayscale, and the Grayscale Bitcoin Trust (GBTC) continues to be a hot topic in crypto circles.

One of the most recent contributors came from Bloomberg Intelligence exchange-traded fund (ETF) analyst James Seyffart, who said in a dedicated Twitter thread that a voluntary liquidation of the $10.5 billion GBTC is “unlikely” despite tight markets.

"This doesn't seem to be on the table for me," he wrote.

Seyffart admitted to being frustrated with the fund’s bitcoin spot price discount, concluding that, given the material available, he has a “99.9% chance” of eventually holding the BTC he claims through custodian Coinbase.

According to data from the monitoring resource Coinglass, as of November 24, the spot price of GBTC has dropped by 39.2%.