Bitcoin ( BTC ) held $ 50,000 until the 25th December, as BTC bulls avoided a nasty surprise on Christmas Day.
“Bears turn to bulls” in the short term?
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD held support at $ 50,000 over the weekend, having oscillated after the local highs above $ 51,500.
The pair was calm as the holiday season began , with less liquidity yet to manifest itself in the form of volatile price movements.
With the majority taking A break from trading and analysis, the closest upside target remained the $ 1 trillion market cap valuation level at $ 53,000.
- Price Analysis: BTC, ETH, BNB, SOL, ADA, XRP, LUNA , AVAX, DOT, DOGE
For the popular trader Pentoshi, a sticking point could arise in the form in which sellers actively reduce the BTC / USD to a liquidity of USD 46,000, only to then buy again for a bounce.
“Right now the bears are on the offensive. They lower the price to 46,000 but there was a lot of liquidity at rest there=preventing the price from moving. They start to close short positions and buy something again “, offered as forecast.
“Bears turn to short-term bulls like me.”
Furthermore, the annual close was not yet a major topic of interest, and Bitcoin, nonetheless, was up $ 21,000 compared to the beginning of 2021.
The average of the halving cycle at USD 100,000 is not dead yet
Meanwhile, the creator of the stock-to-flow model, PlanB, took stock at the end of the year.
After having attracted further criticism for comments on Twitter that he claimed were They were misunderstood, the popular analyst said that Bitcoin was still delivering on its model predictions this month.
As reported Cointelegraph, stock-to-flow parameters provide significant leeway when it comes to spot pricing, which is nonetheless valuable to PlanB and others.
Ad2 – S2F model intact
Key is that BTC USD51K is still within 1 standard deviation band of S2F model (roughly USD 50K-USD200K, see chart). If BTC stays within 1sd band for the next 2.5 yrs, then S2F model is still valid and indeed useful for me. Of course you should make your own call. pic.twitter.com/cFpRdewUJ5
– PlanB (@ 100trillionUSD) December 24, 2021
While USD 135,000 this month, a forecast of the recently invalidated Floor model, it turned out being overly optimistic , that figure as the average price of this halving cycle remains in play.
Keep reading:
- 12/24 Price Analysis: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
- 5 cryptocurrency projects that set the trend in 2021
- A lot of expectation about the possibility of a Santa Claus crypto rally
- The analyst problem: Why did the predictions fail?
- Is crypto winter coming?
- Terra’s Mirror protocol warns community of governance attack
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