Sat, November 26, 2022

Bitcoin Correction is the Weakest – Santa Claus Rally

bitcoin, Japan’s regulators and crypto exchanges

Bitcoin adjustments were particularly noticeable this year. On November 10, the most popular digital currency reached an all-time high of about $69 thousand; And then fell to about 17% to the current level. According to analysts, the current downturn has thrown markets into a pullback zone.

However, in reality, the November drop was the weakest correction of 2021. This overshadowed Bitcoin’s huge adjustment over the three months from April to July. The most recent adjustment in September was an in-depth second, reaching 37% from ATH in April.

According to Glassnode, the current adjustment is a common occurrence for Bitcoin owners; this hints that the process may end soon. The company said the current market adjustment is the least difficult this year.

Deteriorating the Omicron option due to the ban on the stock market could mean a way for Santa Claus to rally. This is the process from the stock exchange when prices rise during the last five trading days of December and the first two trading days of January; However, it should be noted that in previous years, the cryptocurrency of price increases in December was observed in crypto markets.

Last December, BTC prices rose 47% throughout the month. December 2017 witnessed an 80% pump in new history by that time. Both were in bull markets, as they are today. BTC traded for more than 57 thousand dollars. So, at the Santa Claus rally last year, prices rose to $80,000 by the end of the year.

Predictions about Bitcoin

8848 Invest co-founder Nikita Rudenia is confident of the Santa Claus rally. He said that despite the apparent failure of this period, Bitcoin is still on the way and should close at $70,000 a year and possibly even break the record per coin. If so, the currency could reach $75,000 by early 2022 before making significant adjustments. It should be noted that the ETH/BTC ratio is the highest, having been 0.082 BTC on ETH since mid-May. This may be a prerequisite for the ETH to post a further price increase in December.

According to Glassnode, Bitcoin investors are currently in more lucrative positions than in the September adjustment. The total share of profitable deliveries by short-term owners has reportedly increased by 60% since September. This combination creates a fairly constructive short-term perspective in bull market conditions.

Consequently, hopes for a Santa Claus rally are growing. An increase at the end of the year is due to several factors, including increased liquidity due to Christmas bonuses. However, Omicron’s new variant could disrupt the celebration if it significantly impacts global financial markets. According to Nasdaq, investors may be sidelined for the time being until more is known about the new viral strain. Notably, Bitcoin traded at $18,857 last year.

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