If BAKKT launches successfully in December, bitcoin can do a lot better than $12k. Moreover, China has changed its stand about cryptos once again but in positive direction. this could also pump the market. I am expecting an inflow of new money to cryptos that can boost the price and bring a trend reversal.
New money and new funds are already coming to this market, just nobody writes about it in the news. I think that the price reversal will be in the near future and next week there will be constantly new and new good news about cryptocurrencies and Bitcoin in the press. I think that the market in the next 1-2 days is obliged to respond to the decisions of the SEC.
So many hopes linked with Bakkt platform. It will offer 1-day futures for BTC with real delivery at the end of day. I think it can be more might reason for growth then hidden unknown funds. Because of OTC volumes are hidden also and don't influence on the BTC price