What day of Christmas 2022 reserves Bitcoin to Bitcoin?

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Despite the prolonged winter in the cryptocurrency market, exacerbated by the collapse of FTX, once one of the largest crypto exchanges in the world, traders wonder if there is still hope for Bitcoin (BTC) to have a more positive Christmas Day.

Historically, Bitcoin has seen consistent year-over-year (YoY) growth for the past three Christmases, but recent technical analysis factors indicate that the uptrend will not hold this Christmas.

Meanwhile, looking at the last weekly candle on Bitcoin’s weekly chart, three technical analysis (TA) indicators particularly stand out – a tombstone doji, a shooting star, and a descending wedge pattern, as shown. observed crypto analyst Tolberti using the TradingView platform on December 19.

What are the bosses saying?

Specifically, the tombstone doji candlestick pattern is a bearish reversal or transient formation that can occur at the end of a downtrend, as well as in the closing stages of the uptrend, signifying indecision and neutrality. prices. According to the expert, more of the same could be in store for Bitcoin.

At the same time, the bearish shooting star indicated that the flagship digital asset is at the top of an uptrend as the trend may lose momentum as the pattern helps to end said uptrend.

That said, the falling wedge pattern, recorded by Bitcoin since September 2022, has traditionally indicated that the bulls could be bracing for another push as the price could potentially start making new lower lows, but at a slower pace. patch.

Bitcoin price action analysis and prediction. Source: Tolberti/TradingView

That said, the 1-week gauges for Bitcoin still appear to be in the sell zone, as summarized by the oscillators pointing buy at 2 (as opposed to neutral at 9 and sell at 0) and the moving averages (MA) suggesting a strong sell at 13 (as opposed to neutral and buy at 1).

Bitcoin technical gauges 1 week. Source: Trading View

On the other hand, Bloombergs Senior Commodity Specialist Mike McGlone has predicted an upcoming heat wave for Bitcoin, which he believes is poised to resume its trend of outperforming after being beaten in 2022 with most others, as he explained on December 19. .

A Heat Period Ahead: Bitcoin Crosses vs. Propensity to outperform – The global benchmark digital asset took a hit in 2022 along with most others, but #Bitcoin looks set to resume its trend of outperforming. When the #Fed pivots to easing… pic.twitter.com/87ze4l3Fqe

— Mike McGlone (@mikemcglone11) December 19, 2022

His analysis comes as Bitcoin failed to sustain gains inspired by the positive Consumer Price Index (CPI) report. Indeed, although Bitcoin reclaimed the crucial $18,000 position, it witnessed an increase in bearish sentiment.

bitcoin price analysis

As it stands, Bitcoin is changing hands at a price of $16,697.34, down 0.04% over the previous 24 hours and down 1.88% over the week, but still up 0, 24% over the past 30 days, as seen in graphs retrieved on December 19.

30-day Bitcoin price chart. Source: Finbold

With a market cap of $321.22 billion, Bitcoin maintained its position as the largest cryptocurrency by this metric, with the closest competitor for the spot being Ethereum (ETH), with a market cap of $144.55 billion. of dollars.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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