Bitcoin (BTC) didn't ship a Christmas rally for Christmas 2023 as December 25 provided much more sideways BTC worth motion.
BTC/USD 1 Hour Candlestick Chart (Bitstamp). Supply: TradingView
Bitcoin Volatility Index Plunges to All-Time Low
Knowledge from Cointelegraph Markets Professional and trading view confirmed BTC/USD caught in a decent vary round $16,800.
The pair had stubbornly refused to supply any type of volatility for a lot of the week, with the dearth of a macro set off including to the lackluster efficiency.
“Bitcoin volatility is at an all-time low,” mentioned William Clemente, founding father of crypto analysis agency Reflexivity. written down alongside a chart of Bitcoin's historic volatility index.
Historic Bitcoin Volatility Index 1-week candlestick chart. Supply: TradingView
He added that the general crypto market cap has retraced all of its beneficial properties from its 2017 highs and is now testing these highs as help.
Crypto market cap 1 month candlestick chart. Supply: TradingView
Dealer and analyst Phoenix in the meantime eyes Similarities to Christmas 2018, proper after the tip of Bitcoin's final bear market throughout its earlier halving cycle.
The period of time between the earlier all-time excessive and the Christmas lows a yr later, he confirmed, was broadly comparable - 117 bars and 137 candles for 2018 and 2022, respectively, on the 3-day chart.
Annotated BTC/USD chart. Supply: Phoenix/Twitter
The worst in Q1?
Trying forward, in style analytics account Bagsy had some equally uninspiring information for Hodler in 2023.
See Additionally: Christmas Desk: What to Inform Your Household About What Occurred in Crypto This Yr
Subsequent yr, him forecastBTC/USD would fail to interrupt above $25,000, leaving the actual restoration till its mid-2024.
Annotated BTC/USD chart. Supply: Bagsy/Twitter
Even much less optimistic was analyst Toni Ghinea, who on Christmas Eve reiterated his concept that the subsequent quarter would carry the subsequent bear market trough.
Nevertheless, this left room for a ultimate push in direction of $19,000 within the final week of the yr.
“Final bull entice at 17.5-19k in Dec-Jan. Ultimate crash to 11,000-14,000 in Q1 2023,” he predicted.
Annotated BTC/USD chart. Supply: Toni Ghinea/ Twitter
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