Bitcoin (BTC) also failed to complete the hoped-for “Christmas surge” on Dec. 25 and instead continued to wander sideways.
Bitcoin volatility still low
As a result, as data from Cointelegraph Markets Pro and TradingView shows, bitcoin price remains within its tight range around $16,800.
Volatility has been largely absent throughout the week, which is mainly due to the lack of external triggers, which allow the already bad mood to continue to ferment.
“Bitcoin volatility is at an all-time low,” said William Clemente of crypto analytics service Reflexivity, referring to the market-leading cryptocurrency volatility index. Remarks.
He adds that the combined market capitalization of all cryptocurrencies has already completely given up gains since the 2017 all-time high and is now testing related tokens for support.
The crypto trader Phoenix shows Again, there are similarities to Christmas 2018, which at the time directly followed the bear market of the previous price cycle.
The time span between the previous high and the Christmas low a year later is surprisingly similar, the expert points out. While 2018 had 117 candles on the three-day chart, 2022 has 137 similar candles.
Is the big crash coming in the first quarter of 2023?
Crypto analyst Bagsy cannot really improve the mood of investors, as in his opinion the forecast for the new year is rather weak.
So dreaded Bagsy that Bitcoin price will not recover above US$25,000 in 2023 and will only regain its former strength in the halving year of 2024.
Crypto expert Toni Ghinea is even more pessimistic, saying the current bear market’s all-time low won’t come until next quarter.
However, this fact would still leave room for a short-term rally to $19,000 before the start of the new year.
“The last upside trap is at $17,500-$19,000 in Dec/Jan, after that comes the last big crash at $11,000-$14,000 in Q1 2023,” according to the dark the forecasts.
