Historic Bitcoin’s ‘Merry Christmas Cycle’ Could Send BTC to $1,800,000 in 4 Years

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As 2022 draws to a close, Bitcoin (BTC) is extending its sideways trading pattern after a turbulent year mostly dominated by bearish conditions. However, despite Bitcoin’s consolidation, the asset’s price movement aligns with a historic trajectory that could lay the groundwork for the flagship cryptocurrency to reach new highs.

Along these lines, reputable crypto analyst Vince Prince of TradingView pointed out that Bitcoin once again formed the Merry Christmas cycle in 2022, a pattern that has emerged over the past three Christmases.

According to Vince’s analysis, Bitcoin has consistently hit all-time highs during the Christmas period under the cycle. Additionally, he noted that Bitcoin hit several new all-time highs on Christmas Eve every year.

With Bitcoin’s current price ranking among the yearly lows, analysts said that based on the cycle, the young crypto has always formed new bottoms that end the bear market and start the new Christmas cycle.

“The important thing here with the underlying empirical meaning of the cycle is that it has always worked perfectly in the past, which means there is a very strong possibility given that Bitcoin will reappear with the same cycle,” said he declared.

Indeed, if the cycle holds, Bitcoin will likely soar to around $1.8 million by Christmas 2026. If the price target is met, Bitcoin will rise by around 10,614% against the price. of the asset at the time of publication.

Bitcoin price chart. Source: TradingViewBitcoin Holders Hit Monthly High on Christmas Day

Although Bitcoin’s price remains depressed, investors are still accumulating the asset. In particular, as of December 25, bitcoin holding addresses stood at 43,764,748, which is the monthly high. The lowest monthly value of Bitcoin holding addresses was recorded on December 11 at 43,497,484.

Total number of bitcoin addresses. Source: CoinMarketCapBitcoin Price Analysis

At press time, Bitcoin was trading at $16,823 as sideways consolidation extended with no potential trigger for a decisive move in sight.

Seven-day Bitcoin price chart. Source: Finbold

Notably, Bitcoin has been impacted by macro factors, a situation complicated by the collapse of crypto exchange FTX as investors wait for an eventual price bottom. In this line, a Finbold report indicates that historical analysis points to a possible correction in Bitcoin to $9,000. Notably, the position served as the basis for Bitcoin’s last all-time high of $69,000.

Based on historical price action, the data also indicates that Bitcoin could be in line for another rally within the next three years. In particular, looking at Bitcoin’s movements in the past, a pattern emerges of a year where the asset hit its all-time high (ATH) followed by a bear market year.

Notably, legendary investor Bill Miller believes Bitcoin’s trade at $17,000 is a remarkable achievement given the implication of FTX’s collapse. Indeed, the data indicates that following the FTX debacle, Bitcoin recovered much faster than other sellout events.

In the meantime, investors will be looking for a possible Bitcoin rally as the asset aims to become digital gold. Interestingly, following Bitcoin’s previous rally, crypto skeptic Peter Schiff admitted that investor interest in gold waned as the cryptocurrency tool took center stage.

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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