This year isn’t all doom and gloom for Bitcoin bulls; gains are still up 100% from last Christmas.
Bitcoin (BTC) was trading at $50,000 on December 25th, avoiding an unwelcome Christmas Day surprise for BTC bulls.
BTC/USD maintained $50,000 support into the weekend, according to data from Cointelegraph Markets Pro and TradingView, after ranging following local highs above $51,500.
As the Christmas season began, the pair remained placid, with thinner liquidity yet to manifest itself in the form of violent price movements.
With most traders and analysts taking a break from trading and analysis, the $1 trillion market cap valuation level at $53,000 remained the closest upside objective.
A point of friction for popular trader Pentoshi might be sellers deliberately driving down BTC/USD to liquidity at $46,000, just to purchase back in for a comeback.
“Beras is currently on the offensive. They bring the price down to $46,000, but there was a lot of resting liquidity in the market, which prevented the price from moving. They begin to close shorts and reclaim some ground “As a prognosis, he offered.
“Bears become bulls short term like myself.”
The yearly close was yet to become a major topic of discussion further ahead, with Bitcoin still up $21,000 from the start of 2021.
The $100,000 halving cycle isn’t over yet.
Meanwhile, PlanB, the inventor of the stock-to-flow model, was taking stock at the end of the year.
Following more criticism over Twitter statements he claims were misinterpreted, the popular analyst stated that Bitcoin would continue to follow his model’s projections this month.
Stock-to-specifications, flow’s , allow tremendous leeway for manoeuvring when it comes to spot pricing, which PlanB and others value.
While a prognosis from the recently invalidated floor model of $135,000 this month proved to be unduly optimistic, that figure as an average price for this half cycle remains in play.
