Santa Claus Doesn’t Show Up for Bitcoin as BTC Volatility Hits All-Time Highs

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William Clemente, the founder of Reflexivity, a company that conducts research on cryptos, observed that fluctuations in the value of Bitcoin are currently at an all-time low. Furthermore, he mentioned that the overall value of the crypto market has returned to the level it was in 2017 and is now supported at that level.

On Christmas 2022, BTC failed to hold a Santa Claus rally, as the value of Bitcoin did not see a significant increase.

According to data from Cointelegraph Markets Pro and TradingView, the value of Bitcoin has remained relatively stable around $16,800. This lack of volatility was observed throughout the week and no significant external factors influenced its performance. Analyst and trader Phoenix pointed out that the situation around Christmas 2018, shortly after Bitcoin’s previous decline in value, is similar to the current situation around Christmas 2022. They noted that the period between the peak value of Bitcoin and the low value around Christmas a year later is similar in both cases, with 117 bars and 137 candles on the 3-day chart for 2018 and 2022, respectively. Popular analyst Bagsy made a prediction that Bitcoin’s value will not exceed $25,000 in 2023 and recovery in value will only occur in 2024, which is the year of the next halving event. . Analyst Toni Ghinea believes Bitcoin’s value will continue to decline over the next quarter and produce another bear market. Ghinea predicts that the last bull trap will be between $17.5 and $19,000 in December-January, and Bitcoin’s value will see a significant decline thereafter, falling to a range of $11,000-$14,000 in the first quarter 2023. The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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