Bitcoin will ‘teleport’ to $14K or worse if BTC breaks $16K — Analyst
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Beyond a source of potential volatility, trader and analyst Rekt Capital noted that Bitcoin’s monthly closing price would determine its longer-term price range.
“When BTC lost the ~$19500 level as support… It broke down into the ~$13900-$19500 Monthly Range,” he explained on the day.
“Monthly Candle Close is coming up soon. A Monthly Close below ~$19500 would likely confirm the ~$13900-$19500 Range as its new playground.”
BTC/USD was down around 21% for the month of November at the time of writing, marking its worst November performance since its last bear market year in 2018.
Cointelegraph previously outlined potential bottom targets for the pair, among them those based on performance during previous bear markets.
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