The trading of traditional shares closes later today, but the crypto market will continue trading over the weekend as the first week of December 2022 rolls around.
Notably, the volatility in the crypto market is much higher than that of the stock market. Nonetheless, the essential and persistent question for both swing traders and HODLers is to what extent and in what direction will the Christmas frenzy push the bitcoin price.
High-impact events, including the United States unemployment rate and the Canadian employment change, have occasioned the week. In addition to this, Wednesday’s speech by United States Federal Reserve chairman, Jerome Powell, revealed that interest rates would hike in December.
Therefore, market strategists anticipate that the crypto market will generally remain in the green during this festive period, which is also evidenced by the historical data throughout the year; This makes it likely for the lead cryptocurrency to close the year around the $25k mark.
Even this week, Bitcoin was able to accomplish $17k since hitting lows of about $15,599.
bitcoin price target for this christmas
Bitcoin and the entire crypto market significantly felt the effects of the FTX and Alameda implosion. Although former FTX CEO Sam Bankman-Fried claims the US entity is solvent, nearly 1 million global crypto customers have learned the hard way – not your keys, not your coins.
The Bitcoin market is on the precipice of welcoming heightened daily volatility this December following the recent breakout on the shorter timeframes. Prior to the FTX fallout, Bitcoin price strongly held the $18k support level. As such, market strategists think Bitcoin price may fall before rebounding in the coming weeks.
If the price of bitcoin breaks below $10k, analysts suggest that the crypto market may take longer to recover than in previous bear markets. Furthermore, according to Jason Pizzino, a well-known crypto analyst, it is not prudent to invest in the altcoins market before the bitcoin market shows strength.
As a result, the cryptocurrency community is closely watching the Bitcoin price action, mainly due to its worldwide recognition and popularity.
according According to a top CryptoQuant analyst, the current crypto bear market can be compared to the ‘dot com bubble’ that saw under-performing tech companies flourish in the latter part of the decade. Therefore, the analyst says that bitcoin will survive due to its dominance and ability to be adopted by global regulators.
Come the first quarter of 2023, market strategists forecast more crypto volatility as a continuation of the Christmas frenzy based on historical cycles.
