Taking to X on October 12, Zoran Kole, a trader, said reasonable bids for Bitcoin stand at around $17,000 and $18,000. Though Kole didn’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 ..
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