The price of Bitcoin made the news yesterday when it showed that its resistance can always be set higher. According to a new analysis, the recent move of BTC showed that post Christmas gains could be on the corner.
For those of you who did not follow the Bitcoin news before, in November and December of 2018 the leading cryptocurrency tanked and many investors capitulated, being left with their BTC holdings in search of greener days. In 2019, the BTC price has been up and down with a strong momentum during the summer, which later faded away and left it below $10,000.
Right now, the BTC price is at $7,300 and altcoins are following the sluggish momentum. Despite the fact that BTC managed to capitulate this year too – a new analysis shows that post Christmas gains during the holiday season will favor bulls.
This is what the cryptocurrency trader BitDealer predicted in a tweet, drawing attention to the historical trends of Bitcoin and the price before, on and after Christmas. Even though much of his analysis is now irrelevant as Christmas is already over, there is one part of his chart that is pertinent: the post Christmas gains and the three-day returns after the most papular holiday.
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Here is how $BTC has performed around Christmas time pic.twitter.com/3vw3mWiZIS
— ₿itDealer (@Bitdealer_) December 23, 2019
As the trader noted, over the course of Bitcoin’s history the price of the cryptocurrency appreciated by an average of 2.57% in the three days following Christmas. This means that from December 26th to 28th the cryptocurrency could appreciate and if this turns out to be true, BTC could be trading at $7,450 on December 28th.
In such a scenario, we could also see the total market cap rising above $200 billion and the altcoin news and rumors posting many new gains with prospective announcements ahead. Obviously, this is just an average and the post Christmas gains may spell an even higher value of Bitcoin.
According to BitDealer, Bitcoin is usually in a good momentum around Christmas and holiday cheer is not the only thing that may boost the cryptocurrency in the coming days. The technical and fundamental factors, according to other analysts, will be a boon for the markets.
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