Xmas Rally? Bitcoin Spiked 50% within the Last 16 Days of 2020
Last yr’s Christmas run-up was one in all bitcoin’s most bullish durations because the asset gained 50% of worth on the finish of December.
With the uncertainties round the latest Fed assembly over now, the query arises if BTC can do it once more.
The 2020 Christmas Rally
2020 was a wild yr from all views, together with the cryptocurrency area. Bitcoin entered it with excessive hopes, as its third-ever halving, which passed off in May, was anticipated to provoke one other huge bull run prefer it did in 2012 and 2016.
However, the COVID-19 pandemic got here and turned all the things the other way up. BTC was not exempt, and the notorious volatility struck arduous in March when the asset plummeted by greater than 50% in a day to under $4,000.
Nevertheless, the state of affairs started to normalize within the following months. The aforementioned halving got here, and BTC certainly went on a bull run in late 2020 as establishments and distinguished traders began to get on board.
As such, the asset neared its ATH on the time of round $20,000 in mid-December. This is when the second the complete crypto neighborhood waited for 3 years lastly got here. Bitcoin broke that coveted line and went into uncharted territory.
The bullish sentiment continued within the following two weeks. BTC finally added 50% of worth by the top of the yr and completed it at round $29,000 – the very best ever.
Could BTC Do it Again?
This yr began on a excessive observe, with bitcoin charting new ATHs steadily. It peaked at $65,000 in April when all the things appeared bullish however dumped in worth within the following months when China reiterated its ban on crypto and ousted miners.
The upside worth actions resumed within the second a part of the yr (once more), and bitcoin managed to interrupt the April ATH firstly in October after which in November. The present prime is at $69,000.
In the next month or so, BTC retraced as soon as extra, sitting round 30% away from that peak. Most crypto insiders, which have been extremely bullish concerning the yr’s finish, attributed the current decline to uncertainties coming from the US and the notorious FOMC assembly.
Now that it’s over, BTC might be primed for one more leg up, at the very least based on CryptoQuant’s analyst – VentureFounder. He believes that the technical facets are nonetheless intact, with a “tiny” RSI bullish divergence forming. Consequently, he famous that the overall momentum may change swiftly, and bitcoin would possibly replicate the 2020 run.
If BTC certainly skyrockets by 50% from its present price ticket, it is going to break the November ATH by going above $70,000.
Last yr right this moment, from Dec 15 to Dec 31, #Bitcoin had an incredible santa rally, went from $19k to $29k in 2 weeks (50% rally)
Sometimes momentum can change in a swift. Like the sharp the turnaround at $69k. A tiny #RSI bullish divergence has shaped, let’s see if we get breakout RSI pic.twitter.com/cLCtKfEo3c
— venturefoundΞr (@venturefounder) December 16, 2021
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