Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: Pagla on December 01, 2021, 10:53:20 AM
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In previous bull market cycles, there has been a meSPAM BANble correction before a rally at the end of the year — and if history rhymes it could be on the cards again.
We’ve certainly experienced the correction: Bitcoin hit an all-time high of around $69K on Nov. 10 and has retreated around 17% to current levels.
Some mainstream media outlets such as Forbes have taken the view the current pullback has plunged markets back into bearish territory with the rather salacious headline: “Did Bitcoin Enter A Bear Market After Falling 20% From Its ATH?” on a Nov. 30 article.
But November's dip was actually the weakest correction of 2021, overshadowed by Bitcoin’s whopping 53.4% correction over three months between April and July. The most recent correction in September was the second deepest, reaching 37% from April's ATH.
In its Nov. 29 “Week Onchain” report, analytics provider Glassnode argued that the current correction is just “business as usual for Bitcoin hodlers” hinting that it may soon be over. It also confirmed that this current market correction is “actually the least severe in 2021.”
Barring a stock market plunge due to the Omicron variant situation becoming worse, some believe we may be on track for a Santa Claus rally. It's a term from the stock market when prices rise during the last 5 trading days in December and the first 2 trading days in January, however, it has also been noted in crypto markets in previous years and is often shorthand for price rises throughout December.
Last December, saw a 47% surge in BTC prices throughout the month and December in 2017 witnessed an 80% pump to a new all-time high at the time. Both were in bull markets like today.
At the time of writing, BTC was trading at just over $57K so a Santa Claus rally similar to last year could see prices surge to top $80K before the year is out.
8848 Invest co-founder Nikita Rudenia is also confident about a Santa Claus rally commenting:
More Information (https://cryptonews.net/en/news/bitcoin/2814781/)
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In the past few months, we have seen quite sharp price swings in the cryptocurrency market. And this applies not only to bitcoin, but also to other top altcoins. It is still difficult to say what to expect - further price fluctuations or significant growth. It is unlikely that a significant drop in prices is possible at the end of the year. So far, our hopes for a bitcoin price of about one hundred thousand dollars by the end of the year have not been justified. But until the end of the year, there is still about a month, and for a cryptocurrency this is a very long time.
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I dont believe in Santa Claus rally, as I dont believe in Santa Claus :)
I think that December 2021 is going to be a busy month for people, and they would do less trades, meaning there will less demand on the market. Which will cause Bitcoin price to be on the level of 56-58k for a long period.
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I don't believe in Santa Claus rally, as I don't believe in Santa Claus :) I think that December 2021 is going to be a busy month for people, and they would do less trades, meaning there will less demand on the market. Which will cause Bitcoin price to be on the level of 56-58k for a long period.
We have the same feeling. I don't believe in Santa Claus either but I am hoping for a Santa Claus rally maybe in the 4th week of the month just as the year is fading and welcoming the new year 2022...but this can just be another wish list as nobody knows where the market can be heading at this time. All I am hoping is there can be no crypto winter to happen in the 1st quarter of 2022 so we can all have a good start for the year.