Christmas is just around the corner and many of our readers are looking forward to a relaxed holiday with the family. You don’t need to focus too much on the crypto market as we haven’t seen much movement in the market for several days. But there might be an increase in Bitcoin price this year. Do we see a bitcoin surge around 2022 just after Christmas?
In this article, we want to discuss the possibility that the price of Bitcoin could rise more strongly this year and approach $20,000.
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How has the price of Bitcoin evolved in recent weeks?
The FTX crash was a real turning point in 2022. At that time, Bitcoin price fell from $21,000 to below $16,000 and lost more than 25% of its value in just a few days. Bitcoin and the entire market did not recover from this crash.
Over the past few weeks, Bitcoin price has recovered slightly from the crash. The price stabilized between $16,000 and $17,000. The price tried several times to break the resistance at $17,000 but failed.
Once the price was able to climb above the $17,000 mark and soon after above $18,000. But the blowout was dampened directly by the US Fed’s latest rate hike. Over the past few days, the price of Bitcoin has once again oscillated between $16,500 and $17,000.
Why hasn’t Bitcoin price exploded so far?
The FTX crash caused a huge loss of confidence in the market. Many investors are nervous and crypto companies are under scrutiny. It even seems possible that the price of Bitcoin could fall back below the $10,000 mark.
The breakout a few days ago could have taken Bitcoin price back towards the $20,000 level. But interest rate hikes by the central bank, the FED, prevented that. Ever-increasing key interest rates ensure that the price of Bitcoin and the prices of other cryptocurrencies are kept low. Because these rate hikes are aimed at stabilizing the US dollar, which has lost a lot of value in recent years due to inflation.
Overall, confidence in the market is not particularly high. Above all, the question is whether Binance, by far the largest and most important crypto exchange, is financially stable and not entering the same downward spiral as FTX.
Why might the price of Bitcoin rise higher in the last days of the year?
The end of the year is always a time when cryptocurrency prices increase more strongly. Historically, the turn of the year is more of a bullish period. Last year, just over the holidays, we saw the price of Bitcoin rally from $48,000 to $52,000. Only then did the bear market continue.
Right now, very strong support has been established at $16,500. The price of Bitcoin has only been moving sideways for a few days and sees hardly any upward or downward movement. This usually means that a strong price move is imminent. This could mean a breakout in the price towards $20,000.
Have we bottomed out for BTC price?
There is some data to suggest that we have already bottomed out in bitcoin price for the current bear market. Only around 50% of all Bitcoins ever purchased are currently in positive territory. Other bitcoins have fallen to current prices. This distribution strongly suggests that we are near the bottom of Bitcoin price in the current Bitcoin cycle.
However, we recently raised the possibility that the price of Bitcoin could fall back to a value of $10,000. Additionally, Binance’s bankruptcy could completely implode the market. As of today, it’s highly unlikely, but you should still consider it.
Is buying BTC worth it right now?
Basically, the value of bitcoin as a limited deflationary structured good is difficult to measure in price. Therefore, as someone who relies on Bitcoin for the long term, you should not be bothered by low prices.
However, if you are looking at short-term returns, this is currently a difficult phase to predict. The price of Bitcoin could fall back to $10,000 or rise again in the next few weeks and not reach as low a price as it is today.
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We currently have an exciting test offer for you! you can our Premium Membership Try it for €1/day for the first month. Consider giving it a try if you want to stay updated on the crypto market! You will receive trading ideas and professional trading support in the premium area. In addition, you will often receive information on the latest crypto trends at an early stage! So could our customers also buy various NFTs early enough. If you want to know more about our Premium trial offer, then Click here!
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