{"id":555207,"date":"2023-10-13T00:00:12","date_gmt":"2023-10-13T00:00:12","guid":{"rendered":"https:\/\/wncen.com\/?p=555207"},"modified":"2024-06-11T08:17:35","modified_gmt":"2024-06-11T08:17:35","slug":"trader-bitcoin-will-bears-force-prices-to-17000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/trader-bitcoin-will-bears-force-prices-to-17000\/","title":{"rendered":"Analyst Expects The Worst For Bitcoin: Will Bears Force Prices To $17,000?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Taking to X on October 12, Zoran Kole, a trader,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/Captain_Kole1\/status\/83523869\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">said<\/span><\/a><span data-preserver-spaces=\"true\"> reasonable bids for Bitcoin stand at around $17,000 and $18,000. Though Kole didn&#8217;t provide timelines for retraining these levels, the prediction means the coin could slide 35% to around December 2022 territory if the prediction comes true.<\/span><\/p>\n<figure id=\"attachment_555208\" aria-describedby=\"caption-attachment-555208\" style=\"width: 680px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-555208\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/F8LcZ7kWEAEhpRz.jpeg?resize=680%2C345\" alt=\"BTC bids at between $17,000 and $18,000| Source: Zora Kole on X\" width=\"680\" height=\"345\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/F8LcZ7kWEAEhpRz.jpeg?w=680 680w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/F8LcZ7kWEAEhpRz.jpeg?w=460 460w\" sizes=\"(max-width: 680px) 100vw, 680px\"><figcaption id=\"caption-attachment-555208\" class=\"wp-caption-text\">BTC bids at between $17,000 and $18,000| Source: Zora Kole on X<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">Will BTC Drop To December 2022 Levels?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The position the trader takes appears contrarian and opposes every optimistic preview laid out by bulls. Bitcoin finds itself in a precarious position and is primarily bearish at spot rates.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/hfa1oR9d\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/hfa1oR9d\/\" alt=\"Bitcoin price on October 12| Source: BTCUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price on October 12| Source: <a href=\"https:\/\/www.tradingview.com\/x\/hfa1oR9d\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Looking at the daily chart, the coin is down approximately 17% from July peaks and trickling lower at spot rates. As it is, there could be more drawdown, considering that the coin has been performing in the past few hours. To illustrate, Bitcoin breached the $27,000 support on October 11 and is edging lower at spot rates, confirming the losses from early this week.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-rejection-historical-line-bear-market-on\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Finds Rejection At This Historical Line, Bear Market Back On?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">From a top-down preview, it also appears that BTC bulls are under pressure and have failed to unwind losses of August 17. The flash crash in mid-August saw the coin breach critical support&#8211;now resistance around $28,300. Bitcoin has since failed to break out above this level. There was an attempt on October 2, but bears flew in, reversing all gains.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bitcoin is within the August 17 and 18 trade range while trading volume, or participation, remains relatively suppressed. From volume analysis, this is bearish. However, how fast the coin can recover or break even lower depends on how prices react at immediate support at around $25,000 registered in mid-September.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bulls Expect Bitcoin Halving And ETFs To Drive Prices<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The odds of Bitcoin dropping to the $17,000 and $18,000 zone, subsequently confirming Kole&#8217;s prediction, will be elevated if sellers press on, breaching $25,000. Bulls remain confident, citing fundamental factors mostly revolving around 2024&#8217;s Bitcoin halving event, where the network will slash miner rewards by half from 6.25 BTC. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At the same time, supporters expect the Securities and Exchange Commission (SEC) to approve the country&#8217;s first spot Bitcoin Exchange-Traded Fund (ETF).<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-price-historical-data\/\" target=\"_blank\" rel=\"noopener \">What To Expect This Month For XRP Price According To Historical Data<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">In a recent X post, the chief policy officer at Blockchain Association, Jake Chervinsky,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/wncen.com\/news\/bitcoin\/analyst-spot-bitcoin-etf\/\" target=\"_blank\" rel=\"noopener \"><span data-preserver-spaces=\"true\">expressed<\/span><\/a><span data-preserver-spaces=\"true\"> optimism about the SEC approving a spot Bitcoin ETF. The policy expert said there are all signs of the agency preparing for the derivatives product. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This is especially considering recent revisions made by ARK Investment Management on its prospectus. Eric Balchunas, an ETF analyst, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/EricBalchunas\/status\/32953138\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">said<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0ARK appeared to have changed its Net Asset Value (NAV), which the agency had commented on. ARK further clarifies that their Trust&#8217;s assets are segregated and stored by a qualified custodian.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Taking to X on October 12, Zoran Kole, a trader,\u00a0said reasonable bids for Bitcoin stand at around $17,000 and $18,000. Though Kole didn&#8217;t provide timelines for retraining these levels, the prediction means the coin could slide 35% to around December 2022 territory if the prediction comes true. Will BTC Drop To December 2022 Levels? The position the trader takes appears contrarian and opposes every optimistic preview laid out by bulls. Bitcoin finds itself in a precarious position and is primarily bearish at spot rates. Looking at the daily chart, the coin is down approximately 17% from July peaks and trickling lower at spot rates. As it is, there could be more drawdown, considering that the coin has been performing in the past few hours. To illustrate, Bitcoin breached the $27,000 support on October 11 and is edging lower at spot rates, confirming the losses from early this week. Related Reading: Bitcoin Finds Rejection At This Historical Line, Bear Market Back On? From a top-down preview, it also appears that BTC bulls are under pressure and have failed to unwind losses of August 17. The flash crash in mid-August saw the coin breach critical support&#8211;now resistance around $28,300. Bitcoin has since failed to break out above this level. There was an attempt on October 2, but bears flew in, reversing all gains.\u00a0 Bitcoin is within the August 17 and 18 trade range while trading volume, or participation, remains relatively suppressed. From volume analysis, this is bearish. However, how fast the coin can recover or break even lower depends on how prices react at immediate support at around $25,000 registered in mid-September. Bulls Expect Bitcoin Halving And ETFs To Drive Prices The odds of Bitcoin dropping to the $17,000 and $18,000 zone, subsequently confirming Kole&#8217;s prediction, will be elevated if sellers press on, breaching $25,000. Bulls remain confident, citing fundamental factors mostly revolving around 2024&#8217;s Bitcoin halving event, where the network will slash miner rewards by half from 6.25 BTC. At the same time, supporters expect the Securities and Exchange Commission (SEC) to approve the country&#8217;s first spot Bitcoin Exchange-Traded Fund (ETF). Related Reading: What To Expect This Month For XRP Price According To Historical Data In a recent X post, the chief policy officer at Blockchain Association, Jake Chervinsky,\u00a0expressed optimism about the SEC approving a spot Bitcoin ETF. The policy expert said there are all signs of the agency preparing for the derivatives product. This is especially considering recent revisions made by ARK Investment Management on its prospectus. Eric Balchunas, an ETF analyst, said\u00a0ARK appeared to have changed its Net Asset Value (NAV), which the agency had commented on. ARK further clarifies that their Trust&#8217;s assets are segregated and stored by a qualified custodian. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":552216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,9960,8856,679,3799],"class_list":["post-555207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etfs","tag-bitcoin-halving","tag-bitcoin-price","tag-sec"],"acf":[],"yoast_head":"\n<title>Analyst Expects The Worst For Bitcoin: Will Bears Force Prices To $17,000?<\/title>\n<meta name=\"description\" content=\"Taking to X on October 12, Zoran Kole, a trader,\u00a0said reasonable bids for Bitcoin stand at around $17,000 and $18,000\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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