What is the Possible Christmas Bitcoin Price Prediction This Year? | Airdrop Alert Pro

As the countdown to Christmas begins, the cryptocurrency market is buzzing with anticipation to see if the holiday spirit will ignite this year’s record-breaking rally. Historically, Bitcoin (BTC) has experienced a “Santa Claus rally” during the halving, which was characterized by bullish price action in the week leading up to Christmas.

The question remains: will this year follow the same pattern, or will the market take a different path?

Analysts predict Bitcoin could repeat Christmas performance

Year to date (YTD), Bitcoin price rises Up 137%, the coin surged above $108,000 before its recent decline. Despite the slight retracement, some say Bitcoin could move higher in the upcoming Christmas week.

It’s worth noting that Bitcoin’s price doesn’t consistently rise every Christmas. However, during bull market phases, cryptocurrencies tend to perform strongly during this period. On the contrary, a bear market usually brings Bitcoin price drops sharply on Christmas During the festival.

Data from Coinglass shows that in the 2020 halving year, Bitcoin surged by 25.63% during Christmas week (week 52). Similarly, BTC rose by 11.25% in 2016 and recorded double-digit gains in 2012.

also, BTC has been recorded It increased by 8.71% in December this year. If historical trends hold true, the cryptocurrency could rise further next week, potentially approaching the $120,000 mark.

Interestingly, some analysts believe something similar could happen this year. BTC and altcoin investor Mister Crypto is one of those who holds this view.

“Bitcoin always goes parabolic around Christmas after the halving. This time will be no different.” Mr. Cryptocurrency shared on X (formerly Twitter).

Like Mr. Crypto, another analyst at Crypto Rover, mention Bitcoin “Santa Claus Rally” will be held in 2024.

On-chain data suggests the coin may be headed higher

From an on-chain perspective, several extreme Bitcoin cycle oscillators support the possibility of higher value. Taking the cycle top and cycle low signals as an example, BeInCypto observed that BTC peaked when the cycle top was above 0.85.

On the other hand, the cryptocurrency bottoms when the cycle low reads below 0.70. As shown below, Bitcoin has broken through the bottombut has not yet reached the peak of this cycle. If buying pressure increases in the run-up to Christmas, Bitcoin could break above its all-time high of $108,268.

Furthermore, Puel multiples are also consistent with bias. The Puel Multiple uses Bitcoin’s current price to provide a comparable perspective. It helps determine whether the price of Bitcoin is relatively high or low compared to historical trends.

A reading above 6 indicates a market top, while a reading below 0.4 indicates a market bottom. According to CryptoQuant data, Bitcoin’s Puel multiple is 1.15. Current readings suggest Bitcoin is now above the bottom, but there is still room for growth Because it’s still well below the top.

BTC Price Prediction: Possible rise to $116,000?

On the daily chart, Bitcoin price seems to be dragging The same path as March above $73,750. During this time, BTC gained 81.95% in less than three months. The cryptocurrency has gained 56.58% from November 5 to the time of writing.

Looking at the accumulation/distribution (A/D) line shows that the reading has increased. This rise indicates significant accumulation Overallocation. The Money Flow Index (MFI), which measures the level of capital flows, also rose.

If these indicators continue to trend in the same direction, By Christmas week, the price of Bitcoin could exceed $116,000 and even approach $120,000. However, if BTC faces selling pressure This may not happen before December 25th. Instead, it could fall below $100,000.