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Bitcoin price target now $13.5k as BTC trader says 'exit all markets'

Published on

January 18, 2023
Read Time:2 Minute, 23 Second

Bitcoin (BTC) hovered round $16,500 on Nov. 17 as markets digested latest occasions surrounding alternate FTX.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Supply: TradingView

FTX CEO speaks of "full failure of company controls"

Knowledge from Cointelegraph Markets Professional and trading view confirmed that BTC/USD noticed solely delicate volatility when Wall Road opened.

The pair appeared accustomed to occasions surrounding the FTX chapter, with the most recent together with revelations that Alameda Analysis was protected from liquidation whereas buying and selling on the platform.

Following Sam Bankman-Fried's departure, new CEO John Ray III wasted no time in acknowledging the magnitude of the issues he had left in his wake.

In a submitting with the US Chapter Courtroom for the District of Delaware, Ray describes FTX's company controls as a "full failure." He wrote:

"By no means in my profession have I seen such an entire failure of company controls and an entire lack of reliable monetary data as right here."

As Cointelegraph reported, United States lawmakers intend to carry a particular listening to on FTX subsequent month, whereas Bankman-Fried is reportedly the topic of efforts to extradite him from the Bahamas.

BTC worth motion has nonetheless managed to shake off the related volatility, as proven in modest reaction to news of a contagion affecting Genesis Trading's crypto lending arm on November 16th.

However, analyzing the current climate, popular commentators on November 17 were far from optimistic.

“Bulls really need to reclaim $17,600 for us to switch well in a long position,” Crypto Tony tweetedincluding that "in the intervening time the bears are in management".

Crypto's Il Capo, who reiterated a warning that altcoins may see additional losses of as much as 50%, was much more candid in his message to supporters.

"I repeat... EXIT ALL MARKETS," he specified on November 16, suggesting that "most individuals usually are not prepared for what's coming."

Provide liquidity supplies assist at $13,500

On the subject of potential BTC/USD draw back targets, fellow analyst Titan of Crypto marked varied areas of excessive liquidity in alternate order books.

Associated: FTX Bitcoin Stash price Mt. Gox 840,000 BTC earlier than hack

The biggest of those, in response to the feedback, is at $13,500.

“Though there's liquidity to snap round $18.5K, $17.2K and $15.5K, the bigger one is decrease at $13.5K,” they defined.

Analytics useful resource Materials Indicators, in the meantime, calculated the overall bid liquidity between the spot worth and $13,000 as $195 million within the Binance order e-book.

BTC/USD order e-book information (Binance). Supply: Materials Indicators/Twitter

The views and opinions expressed herein are solely these of the writer and don't essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you need to do your personal analysis when making a choice.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 18, 2023
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