Bitcoin (BTC) still risks a drop to below $7,000 this bear market, the latest worst case scenario prediction warns. In its latest livestream broadcast on Nov. 24, trading platform Decentrader revealed targets for a BTC price bottom. Analyst flags "oldschool, rock-hard support" for Bitc The most recent in a series of BTC/USD forecasts, Decentrader co-founder Filbfilb mapped out a potential sub-$10,000 dip on the cards for the pair. “In my worst case scenario, I think that would be probably where we end up, like oldschool, rock-hard support,” he said about a bid zone around $6,500. This is where buyers would …

Despite the market downturn and the widespread negative sentiment in the industry in the wake of the FTX collapse, on-chain data still show reasons to be bullish on Bitcoin. As pointed out by on-chain analyst Will Clemente, it’s enough to look at the long-term holders’s Bitcoin positions: they reached an all-time high despite their profitability being at an all-time low. “Long-term holders buy heavily into the bear market. They set the floor[...] and then those long-term holders distribute their holdings to new market participants in the bull market”, he told Cointelegraph in an exclusive interview. Another positive trend worth noticing …

FTX’s collapse dealt a major blow to the already fragile sentiment among cryptocurrency investors. Although a quick recovery is unlikely, Blockchain analysis firm Chainalysis said that the crypto universe could emerge stronger from this crisis. Chainalysis’ research lead Eric Jardine arrived at the conclusion after comparing FTX’s fall to that of Mt. Gox. Another calming statement came from Bloomberg Intelligence exchange-traded fund analyst James Seyffart, who said that there was a “99.9% chance” that the Grayscale Bitcoin Trust (GBTC) held the Bitcoin (BTC) it claimed. He added that GBTC was “unlikely” to be liquidated. The negative events of the past …

Bitcoin (BTC) may follow stocks on a “massive bull run” as the weekly chart delivers a unique sign of strength. The latest analysis from several well-known crypto names suggests it is time to give up the bear market narrative. Despite everyone talking about a new macro BTC price low, possibly at $12,000, new perspectives demand a rethink. Be it thanks to macro or just good old Bitcoin price cycles, there are three new reasons to flip bullish on Bitcoin in its current state near two-year lows. Stocks rally could produce $110,000 BTC price First in line is a theory involving …

Bitcoin (BTC) stayed undecided at the Nov. 24 Wall Street open as one trader reinforced a $12,000 BTC price target. BTC price "main target" for bottom $12,000-$14,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $16,500 as an eerie calm continued on the market. 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. On both high timeframes (HTF) and low timeframes (LTF), the picture looked bleak. “Htf: lower lows and lower highs after breaking …

Bitcoin (BTC) exchanges may have just seen the largest exodus of user funds ever, data suggests. Data from on-chain analytics firm Glassnode shows that on Nov. 23, major exchanges were down almost 179,000 BTC in monthly withdrawals. Major exchanges see record BTC withdrawals With FTX contagion still in the air, exchange users have been busy withdrawing funds to noncustodial wallets. As Cointelegraph reported, $3 billion worth of cryptocurrency left major platforms in the immediate aftermath of FTX imploding. That trend is ongoing, Glassnode shows, with its data capturing the largest-ever decrease in exchange BTC reserves for the 30 days to …

Bitcoin (BTC) lingered near $16,500 at the Nov. 23 Wall Street open as United States markets awaited Thanksgiving cues. Grayscale, GBTC still dominate crypto mood Data from Cointelegraph Markets Pro and TradingView showed BTC/USD shunning volatility after fresh two-year lows the day prior. The pair left analysts guessing the day before U.S. markets closed for the Thanksgiving holiday, with crypto commentators still focused on Digital Currency Group (DCG). Potential liquidity problems with DCG-owned Genesis Trading continued to agitate those already expecting further losses across Bitcoin and altcoins. As Cointelegraph reported, concerns had already spread to doubt the future of the …

Bitcoin (BTC) headed higher into the Nov. 22 Wall Street open after setting another two-year low. Thanksgiving buywall appears at $12,000 Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it recrossed the $16,000 mark, having set lows of $15,480 on Bitstamp. Momentum took the pair to $16,189 before consolidating, marking gains of 3.7% versus the day’s lows. Talk among analysts remained tied to the Digital Currency Group (DCG) family, including Grayscale, currently at the center of rumors over fallout from defunct exchange FTX. For monitoring resource Material Indicators, a “guard rail” bid at $12,000 could ultimately be what …

The collapse of FTX has triggered a notable drop in the price of Bitcoin (BTC), but that in no case means that BTC can be destroyed by failing cryptocurrency firms, according to Bitcoin proponent Samson Mow. The cryptocurrency industry is still seeing the wave of FTX contagion playing out, and it is likely to face more similar crashes in the near future, Mow said in an interview with Cointelegraph. According to the executive, FTX contagion could be part of the Terra ecosystem collapse, which caused a domino effect on the industry, including major crypto lenders like Celsius and Voyager. “More …

Bitcoin (BTC) firms’ shares are a major “buy” for asset manager ARK Invest in the midst of the FTX meltdown. The latest data confirms that ARK continues to up its holdings of both exchange Coinbase (COIN) and the Grayscale Bitcoin Trust (GBTC). Cathie Wood buys the dip With FTX contagion still rippling through the crypto industry, ARK’s decision to add exposure to two firms caught in the firing line stands out. According to numbers supplied by CEO Cathie Wood’s dedicated tracking resource, Cathie’s Ark, the firm added 176,945 GBTC shares on Nov. 21. These join a larger tranche of 273,327 …

The total cryptocurrency market capitalization dropped by 5% between Nov. 14 and Nov. 21, reaching a notable $795 billion. However, the overall sentiment is far worse, considering that this valuation is the lowest seen since December 2020. Bitcoin (BTC) price dipped a mere 2.8% on the week, but investors have little to celebrate because the current $16,100 level represents a 66% drop year-to-date. Even if the FTX and Alameda Research collapse has been priced in, investor uncertainty is now focused on the Grayscale funds, including the $10.5 billion Grayscale Bitcoin Trust (GBTC). Genesis Trading, part of the Digital Currency Group …

Continued selling in the cryptocurrency markets pulled the total market capitalization below $800 billion on Nov. 21. Traders are increasingly nervous about the extent of damage FTX’s collapse may have on several crypto firms. Until the uncertainty clears, it is futile to expect a sustained recovery in cryptocurrency prices. The FTX saga has broken the close correlation between the United States equities markets and Bitcoin (BTC). While Bitcoin is trading close to its 52-week low, the S&P 500 (SPX) has recovered sharply from its low made on Oct. 13. The U.S. dollar index (DXY) is usually inversely correlated to Bitcoin …