Bitcoin (BTC) Failed to Deliver a Santa Claus Rally for Christmas 2023when on Dec. 25 he offered even more sideways BTC price action.
Bitcoin volatility index hits all-time lows
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD clung to a tight trading range around $16,800.
The pair had stubbornly refused to offer any form of volatility through much of the week, with the absence of a macro trigger bolstering lackluster performance.
“Bitcoin volatility is at record lows”, he pointed William Clemente, founder of cryptocurrency research firm Reflexivity, next to a chart of bitcoin’s historical volatility index.
He added that total crypto market capitalization had retraced its entire gains from its 2017 highs and was now testing those highs for support.
Meanwhile, trader and analyst Phoenix I observe Similarities to Christmas 2018, just after the bottom of bitcoin’s last bear market during its previous halving cycle.
The length of time between its previous all-time high and Christmas lows a year later were broadly similar.: 117 bars and 137 candles for 2018 and 2022, respectively, on the 3-day chart.
Is the worst yet to come in the first quarter?
Looking to the future, popular analysis account Bagsy had some equally uninspiring news for hodlers heading into 2023..
Next year, forecast, the BTC/USD pair will fail to break above $25,000, leaving the real recovery for its halving year, 2024.
Even less optimistic was the analyst Toni Ghinea, who on Christmas Eve reaffirmed his theory that the next quarter will produce the next bear market low.
This, however, left room for a final rally towards $19,000 in the last week of the year.
“Last bull trap at 17,500-19,000 in Dec-Jan. Final drop to 11,000-14,000 in Q1 2023“, predicted.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.