The majority of assets on the cryptocurrency market have been showing unremarkable chart patterns in recent weeks after the FTX upheaval subsided, with Bitcoin (BTC), the primary representative of the market, recording record-low volatility.
As highlighted by crypto analyst IncomeSharks on December 25, Bitcoin hasn’t moved outside of the 16,600 USD to 16,900 USD area since December 16, following a sharp decrease after the crash of FTX.
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Unfortunately, the FTX crash had increased pressure on the price of bitcoin, which had been seen dropping since its 2022 high of $47,905 recorded on March 28. It is still unable to move significantly in any direction. The analyst referred to this as “do nothing December.”
Will the price of Bitcoin soon rise?
Fictitious cryptocurrency guru, Stockmoney Lizards, claimed on December 25 that a breakthrough of Bitcoin was only a matter of time since it was creating double falling wedges, a pattern that normally signals that bulls may be gearing up for a rally, as reported by Finbold.
Also read: Is It $10K Or $100K For Bitcoin Price In 2023?
Bitcoin failed to continue the ABC down-driving pattern, according to crypto analyst Trader Tardigrade, who also noted that Bitcoin “used to spend 32 days to complete the ‘B’ wave and then break to the downside with a new bottom.” It has, however, been delayed for a while.
The decentralised finance (DeFi) token appeared to be “trying to establish a runway,” according to IncomeSharks. He expressed hope “for the price to take off” at the same time as the Bitcoin price remained flat.
Meanwhile, respected cryptocurrency analyst Vince Prince noted that Bitcoin formed the “Merry Christmas Cycle” in 2022, the same pattern that appeared over the previous three Christmas. This might be indicating the end of the bear market and the beginning of the new Christmas cycle, which may reach a peak of around $1.8 million by Christmas 2026.
Also read: 103 Bitcoin Moved From Defunct Exchange QuadrigaCX, Foul Play?
Conclusion
However, BTC has demonstrated faster funding rates recovery following the FTX implosion than after past capitulation events, including Covid and the China crypto ban. Despite the fact that BTC is still down 64.79% from the year’s high in March, it is still showing moderate improvements on its monthly charts, rising by 1.63%.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
