Crypto Market Christmas Prediction – Can BTC Start A Rally? | CryptoGazette
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There are all kinds of optimistic predictions about the price of Bitcoin these days, despite the massive price corrections.
A famous crypto trader is analyzing the state of Bitcoin to determine when the king coin can launch the next leg of its bull cycle.
Top crypto trader Light addresses the catalysts that pushed Bitcoin (BTC) from the all-time high of around $69,000 to a new 30-day low.
He said that objective market participants began to sell their holdings after bulls showed signs of exhaustion around BTC’s all-time highs.
“Yet as people were maximally bullish, momentum flagged, price failed to continue, and then came back below the high. Objective observers’ caution turned into derisking, and those not swept up in the euphoria of new highs sold billions upon billions of inventory in the $60,000s on BTC.”
He also said that funds that already made big money this year also took profits.
“After the year of years that was 2021 for funds everywhere, eyes turned to protecting annual bonuses, selling to harvest 20% carries, and covering redemptions from LPs looking to take some off the table.”
The analyst continued and explained that the increasing selling pressure on an already weak market ignited a sell-off that saw BTC print a $10,000 red candle in the daily chart.
“Liquidity deteriorated, and finally a trivially predictable 25% cascade down in BTC put the fear of god in an overleveraged market.”
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $46,554.
Optimistic BTC prediction is out
According to the online publication the Daily Hodl, crypto analyst Credible said that he believes Bitcoin (BTC) has carved a local bottom and is now poised to ignite a relief rally.
“There is the sweep of our lows I was looking for. Lows swept, Bitfinex bids at $45,000 hit. Now think we are clear for our relief to $55,000+.”
Make sure to keep your eyes peeled on the crypto market.
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