Bitcoin Battles Bring ‘In Offense’ As Christmas Gives $ 50,000 BTC Giveaway

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Bitcoin (BTC) was holding $ 50,000 until December 25 as BTC bulls avoided an unwanted surprise on Christmas Day.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingView “Bears turn bulls” in the short term?

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD maintained $ 50,000 support through the weekend, after local highs above $ 51,500.

The pair was calm at the start of the holiday season, with thinner liquidity yet to manifest in the form of volatile price movements.

With most taking a break from trading and analysis, the closest target on the upside remained the $ 1,000 billion market cap valuation level to $ 53,000.

For popular trader Pentoshi, a sticking point could arise in the form of sellers actively lowering BTC / USD to liquidity at $ 46,000, only to buy back for a rebound.

“Right now the beras are offensive. They’re dropping the price to 46k but there was a lot of idle cash there = stop the price from moving. They’re starting to close shorts and buy back some spot,” a- he proposed as a forecast.

“Bears become short-term bulls like me.” BTC / USD scenario chart. Source: Pentoshi / Twitter

Further down the line, the annual close was not yet a topic of major interest, with Bitcoin nevertheless increasing by $ 21,000 from early 2021.

The $ 100,000 halving cycle average is not dead yet

The creator of the stock-to-flow model PlanB provided an update at the end of the year.

Related: Missed The Hot Crypto Stocks In 2021? He paid just to buy Bitcoin and Ethereum, data shows

After drawing further criticism to Twitter’s comments which he said were misinterpreted, the popular analyst said Bitcoin is still sticking to its model’s predictions this month.

As Cointelegraph reported, stock-to-flow settings provide significant wiggle room when it comes to the spot price, which is no less valuable to PlanB and others.

Ad2 – S2F model intact The key is that BTC $ 51,000 is still within a standard deviation band of the S2F model (around $ 50,000 to $ 200,000, see graph). If BTC stays in the first band for the next 2.5 years, the S2F model is still valid and even useful for me. Of course, you should make your own call. pic.twitter.com/cFpRdewUJ5

– PlanB (@ 100trillionUSD) December 24, 2021

While $ 135,000 this month, a forecast of the newly invalidated floor model, turned out to be overly optimistic, that figure as an average price for this halving cycle remains in play.

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