Bitcoin Price Prediction for Christmas Day 2022
The end of the year is approaching, and with it, the Christmas season – so the time has come to look back at how Bitcoin (BTC) has traditionally behaved during this festive time in recent years and try to deduce how it might perform in Christmas 2022.
As it happens, according to the historical data obtained by Finbold, over the past three Christmases, Bitcoin had recorded consistent year-on-year (YoY) growth, starting on Christmas Eve, December 24, 2018, when the price was at $4,000.
But considering various technical analysis (TA) indicators, Bitcoin’s bullish trend will not sustain this Christmas 2022, with the asset projected to trade at $12,117 on December 25, according to CoinCodex.com forecast.
So far, Finbold’s historical analysis and predictions for Thanksgiving (estimated at $16,353 ending with BTC trading at $16,256 at the start of the day) and Halloween (from projected $21,348 to realized $20,728 at the start of the day) have proven to be pretty accurate and time will tell how much Bitcoin will stick to the prediction for this coming Christmas.
Historic Christmas patterns
Notably, Christmas 2019 welcomed an 83.85% increase from 2018, when the virgin crypto changed hands at $7,192 on December 25, 2019, followed by a new high on the annual chart recorded by December 25, 2020, when Bitcoin traded 243, 49% higher than the previous year.
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 $12,117 estimated for December 25, 2022.
Not as good a Christmas as usual
That said, the shocks to the market, ranging from Russia’s invasion of Ukraine to the much-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.
In fact, since last Christmas, the price of Bitcoin has fallen 68.08%, at press time trading at $16,188.48, showing no signs of dramatic improvement by Christmas 2022.
The current price represents a 2.28% decline on the day, adding to the cumulative monthly loss of 21.76%, although it still represents a modest gain compared to last week – up 1.12%, as it consolidates itself below the critical resistance level.
…and a happy new year
However, all hope is not lost, as the crypto community over CoinMarketCap is bullish on the price of Bitcoin by the end of the year, projecting it to average $20,086 on December 31, 2022, or 24.08% higher than at the time of publication, as polled by 18,101 members.
Additionally, the other chart patterns spell a bullish 2023 for Bitcoin as well, following a similar bottoming pattern as it did before the previous bottom in 2015, meaning a “massive bull run” could be in store, as the Cycle Channel Oscillator (CCO) flashes a ‘ buy’ signal.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
