Where will Bitcoin end up this week? $14K is looking like an interesting number. (Reporting via WilliamSuberg)
Sentiment remained on a knife edge as rumors over crypto business conglomerate, Digital Currency Group continued to swirl.
Traders and analysts thus lined up to deliver short-term BTC price targets, these perhaps unsurprisingly being mostly to the downside.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.a Twitter discussion with an annotated chart, he highlighted $14,600 as a “most primed” area to increase BTC exposure.
If Bitcoin were to halt its descent now, Anbessa said that a reentry point would be just below $17,600 — the site of June’s previous macro low. BTC/USD would need to flip it to support for the strategy to be valid.Like several others, The London Crypto, partner of exchange ByBit, believes that the ultimate bear market low lies around $12,000 for Bitcoin.
“Studying 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.”His sentiment was shared by Sheldon the Sniper on the day, who gave a rough target of $12,000-$13,000.
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