The End of the Year is Historically a Volatile Time for Bitcoin
Currently, Bitcoin is trading up marginally at its current price of $7,350, and it has incurred significantly bearish momentum over the past few weeks after retracing all of the gains that were incurred in late-October when it surged to highs of $10,600.
Although there is still a month left in 2019, the present lack of any bullish momentum likely signals that BTC will end the year on a slightly bearish note. There is still time, however, for bulls to step up and push the crypto higher, as the last few weeks of the year are historically a volatile time for BTC and the aggregated crypto markets.In 2017, December was a wild month in which Bitcoin hit highs of nearly-$20,000 before retracing and fueling a massive bull rally amongst altcoins.
In the final months of 2018, Bitcoin incurred a significant amount of selling pressure that led it to drop as low as $3,200, which was subsequently followed by a bout of decent upwards momentum throughout the first half of 2019.Analyst: BTC Needs to Break Above $8,000 for End of Year Rally to Ensue
Mati Greenspan, the founder of Quantum Economics, spoke about this in a recent , explaining that a failure for BTC to decisively move above $8,000 could mean that it will end the year on a bearish note, but also that a break above this level could potentially lead to a surge up to $14,000.“My conviction level has come down quite a bit. Particularly, as the continuation and strong breakout has yet to develop… Still, nothing changes sentiment like price and a strong push above $8,000 at this point could very easily pave the way to the recent highs near $14,000,” he explained.
How Bitcoin ends the year will likely offer significant insight into how positive 2020 will be for BTC and the aggregated crypto markets, with any further near-term bearishness potentially signaling that the ongoing crypto winter will extend significantly further.
Featured image from Shutterstock.