Bitcoin Price Prediction: Analyst Sees BTC At $12K After ``Massive Capitulation’’ As This Bitcoin Derivative Emerges As New Investor Favorite

Bitcoin Price Prediction: Analyst Sees BTC At $12K After “Massive Capitulation’’ As This Bitcoin Derivative Emerges As New Investor Favorite

BySteven Walgenbach

Updated: 23 November 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The Bitcoin price climbed more than 2% over the past 24 hours to trade at $37,392 as of 7:45 am EST as investors scoop up the largest cryptocurrency in terms of market cap.

BTC’s latest price increase may, however, be short-lived. An analyst who boasts a following of 764,900 on X issued a stark warning that a correction down to $12K was still in the cards for the Bitcoin price. The analyst, who uses the X username Capo, posted that the “beginning of the end is here.” At the root of his dire outlook is the threat of a potential market correction after the former Binance CEO pleaded guilty to U.S. federal charges.

Bitcoin Price Attempting Breakout To $40K

Daily chart for BTC/USDT (Source: TradingView)

The latest movements recorded by the Bitcoin price paint a more optimistic picture. An ascending triangle has formed on BTC’s daily chart after the Bitcoin price printed a series of higher lows over the past fortnight. If this bullish momentum continues, the leading cryptocurrency may break above the triangle’s base at $38,120 in the following few days.

Surpassing this level could open up a pathway for the Bitcoin price to rise to as high as the $40K mark in the short term. This bullish thesis could be invalidated if the cryptocurrency breaches the hypotenuse of the bullish triangle pattern within the next 48 hours. In this scenario, traders may begin to open short positions against BTC.

This potential wave of sell volume may drag the cryptocurrency king’s value down to the $34,100 support level. Persistent bears could then have the strength to pull the Bitcoin price below this mark. BTC will then be exposed to the risk of dropping to $31,800.

Bulls Are Growing Stronger

Technical indicators did, however, suggest a build-up of bullish momentum on BTC’s daily chart. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators showed that buyers were starting to enter BTC’s order books.

Although the MACD line was positioned bearishly below the MACD Signal line, the positive slope of the MACD Histogram suggested that the two lines may cross. This possible intersection of the two lines will trigger a significant bearish technical flag. Traders may then identify this occurrence as indicating that BTC’s positive trend could continue.

Backing the growing bullishness expressed by the MACD indicator was the daily RSI line. This momentum oscillator was climbing towards the RSI Simple Moving Average (SMA) line. Traders normally identify this as a positive sign that buyers are growing stronger. The Bitcoin price may enter into a strong move towards the $40K threshold if these technical flags are confirmed and validated.

Traders and investors may want to buy into Bitcoin ETF Token while they wait to see how the Bitcoin price acts around the $38,120 resistance level in the next 48 hours.

Project Tied To Success of Spot Bitcoin ETFs

Bitcoin ETF Token is a unique project that rewards its holders as Spot Bitcoin ETFs (exchange-traded funds) enter into the mainstream financial market in the United States. Selling at $0.0056, investors may want to purchase the project’s native token, BTCETF soon. Not only is the cryptocurrency’s price set to increase in the next 24 hours, but the first Spot Bitcoin ETF is expected to receive approval in January next year.

BTCETF Sparks Investor Frenzy

🚀 Grayscale's updated #BitcoinETF filing streamlines details, emphasizing a cash shift pending sponsor approval—an important step toward the #SEC approval.

Progress is in the making!#BTCETF has also reached another great milestone, surpassing $1.4 Million! 🌐 pic.twitter.com/BaUec2FQGQ

— BTCETF_Token (@BTCETF_Token) November 23, 2023

Bitcoin ETF Token is breaking barriers in its presale round and has raised more than $1.4 million. A potential reason investors rush to buy into BTCETF maybe its 5% burn tax on all transactions. This will reduce the amount of tokens in supply, boosting the cryptocurrency’s value as it becomes more scarce. This, coupled with the anticipation of the first U.S. Spot Bitcoin ETF and the potential for BTC to rise to $40K, suggests that BTCETF’s price may skyrocket very soon.