Bitcoin and cryptocurrency markets have been trapped in a downward trend for months, but with just a few weeks until Christmas and bitcoin bulls still upbeat, could we be in for (another) Santa rally? <\/p>\n
The bitcoin price is around half its year-to-date highs, with most altcoins (but not all) struggling to keep pace with bitcoin and having a worse time of it. <\/p>\n
Now, bitcoin and crypto heavyweights are predicting a sudden price surge, technical data is looking positive, and recent developments suggest 2020 could be a big year for bitcoin. <\/p>\n
A so-called Santa rally is when markets get a boost in the run up to Christmas and bitcoin has ... [+] historically seen some of its biggest bull runs through December. <\/p>\n
\"We will see $10,000 bitcoin again and welcome $100,000,\" ethereum cofounder and creator of bitcoin rival cardano, Charles Hoskinson, said last week, brushing off suggestions bitcoin could be in terminal decline as so-called FUDfear, uncertainty and doubt. \"Crypto is unstoppable. Crypto is the future.\"<\/p>\n
If bitcoin does stage a late in the year rally, it wouldn't be the first time crypto markets have soared in December. Towards the end of 2013 bitcoin rocketed to what was an all-time high of over $1,000 per bitcoin.<\/p>\n
A few years later, December 2017 saw bitcoin's epic bull run peak at almost $20,000. But a lot has changed since then. <\/p>\n
\"I think bitcoin's weakness since July is understandable,\" Tom Lee, head of research at bitcoin and crypto strategy boutique Fundstrat Global Advisors, told CNBC in a recent interview, blaming the decline on increased regulatory scrutiny on crypto in the wake of Facebook's troubled libra project and U.S. president Donald Trump's criticism of bitcoin. <\/p>\n
\"I don't think adoption has really grown since July and if you can't grow adoption, network effects don't take place and so bitcoin drifts lower. But does this change the 10-year, five-year, or even two-year outlook for bitcoin? I don't think so.\"<\/p>\n
Lee is upbeat about the year ahead, pointing to new money flowing into crypto markets as equity reaches new highs, the eagerly-anticipated bitcoin halvening, scheduled for May, and China's growing interest in bitcoin's underlying blockchain technology.<\/p>\n
Meanwhile, technical data remains surprisingly positive for bitcoin.<\/p>\n
Bitcoin chart watchers are eyeing the so-called Trading Envelope Indicator, which could be \"a crucial inflection point,\" according to analysis by financial newswire Bloomberg. <\/p>\n
A break below the indicator's lower band could mean a sudden sell-off, though a bounce could herald a rally of around 15%.<\/p>\n
Elsewhere, bitcoin's \"bullish three-day chart pattern is still intact,\" bitcoin, crypto and blockchain news outlet Coindesk has found. <\/p>\n
Bitcoin's two biggest bull runs have both happened in the run up to Christmas, with many in the ... [+] bitcoin and crypto industry hoping history will repeat itself this year. <\/p>\n
However, a bitcoin mini-rally over the U.S. Thanksgiving holiday weekend, which saw the bitcoin price add over 10% in less than 48-hours, has been almost erasedand some are beginning to doubt a fresh breakout could be imminent. <\/p>\n
\"My conviction level has come down quite a bit. Particularly, as the continuation and strong breakout has yet to develop,\" Mati Greenspan, the founder of research outfit Quantum Economics and formerly of brokerage eToro, wrote in a note yesterday. <\/p>\n
\"It's also worth noting that neither sentiment nor volumes have seen any drastic improvement over the weekend and are once again at the lows. Still, nothing changes sentiment like price and a strong push above $8,000 at this point could very easily pave the way to the recent highs near $14,000.\"<\/p>\n
The bitcoin price is now trading at around $7,300 per bitcoin, up from around $3,500 at the beginning of the year. <\/p>\n
Despite insistence from bitcoin bulls that a return to all-time highs is just around the corner, bitcoin holders might have to be happy with a mere doubling of prices in 2019. <\/p>\n
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Crypto Is UnstoppableIs Bitcoin Really On The Cusp Of A Huge Santa Rally? - Forbes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin and cryptocurrency markets have been trapped in a downward trend for months, but with just a few weeks until Christmas and bitcoin bulls still upbeat, could we be in for (another) Santa rally? The bitcoin price is around half its year-to-date highs, with most altcoins (but not all) struggling to keep pace with bitcoin and having a worse time of it. Now, bitcoin and crypto heavyweights are predicting a sudden price surge, technical data is looking positive, and recent developments suggest 2020 could be a big year for bitcoin. Continue reading