The end of the year is approaching, and with it, the holiday of Christmas – so the time has come to look back at how Bitcoin (BTC) traditionally behaved during this festive time in past years and try to deduce how it might perform during Xmas 2022.
As it happens, according to the historical data acquired by Finbold, over the last three Christmases, Bitcoin had recorded consistent year-on-year (YoY) growth, starting with the Christmas Eve of December 24, 2018, when its price stood at $4,000.
However, taking into account various technical analysis (TA) indicators, Bitcoin’s Christmas bullish trend will not sustain this Xmas 2022, with the asset predicted to trade at $12,117 on December 25, as per CoinCodex.com projection.
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So far, Finbold’s historical analyses and predictions for the holidays of Thanksgiving (with the projection of $16,353 ending with BTC trading at $16,256 at the start of the day) and Halloween (from a projected $21,348 to realized $20,728 at the start of the day) have proven rather accurate, and time will tell just how much Bitcoin will stick to the prediction for this upcoming Christmas.
Historical Christmas patterns
Notably, Christmas 2019 welcomed an increase of 83.85% from 2018, as the maiden crypto was changing hands at $7,192 on December 25, 2019, followed by another spike on the annual chart recorded by December 25, 2020, when Bitcoin traded 243.49% higher than the year before.
Finally, last Christmas saw a gain of 105.31% as the flagship digital asset reached the price of $50,720 on December 25, 2021. This price is 68% higher than the asset’s current price of $16,188 and 76% higher than the $12,117 projected for December 25, 2022.
Not as happy Christmas as usual
That said, the shocks to the market, ranging from Russia’s invasion of Ukraine to the widely publicized collapse of the Terra (LUNA) ecosystem to inflation to the recent crash of FTX, once one of the largest crypto exchanges in the world, have drastically changed the landscape.
Indeed, since last Christmas, the price of Bitcoin has dropped 68.08%, at press time trading at $16,188.48, without demonstrating any signs of dramatic improvement by Christmas of 2022.
The current price represents a decrease of 2.28% on the day, adding up to the cumulative monthly loss of 21.76%, although still representing a modest gain compared to the previous week – up 1.12%, as it consolidates below the critical resistance level.
…and a bullish New year
However, not all hope is lost, as the crypto community over at CoinMarketCap is bullish on the price of Bitcoin by the end of the year, estimating that it would stand at an average of $20,086 on December 31, 2022, or 24.08% higher than at the time of publication, as voted by 18,101 members.
Additionally, the other chart patterns spell a bullish 2023 for Bitcoin as well, following a similar bottom pattern as it did leading up to the previous bottom in 2015, which means a “massive bull run” could be in store, as the cycle channel oscillator (CCO) flashes a ‘buy’ signal.
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