After the FTX chaos is over, most crypto market assets have been seeing uneventful chart patterns in recent weeks, with the industry’s main representative Bitcoin (BTC) measuring record low volatility.
Claim: ‘New Year party’ for BTC may be on the horizon!
As noted by the crypto analyst, after a dramatic drop after the collapse of FTX, once one of the largest crypto exchanges in the world, Bitcoin has not broken out of the $16,600-$16,900 range since Dec.
Bitcoin price movements. Source: Revenue Shares
As it happens, the FTX crash has brought further pressure on BTC price, which has seen it drop since its 2022 high of $47,905 recorded on March 28 and is still struggling to make any significant move in any direction in what the analyst says. had created.”
Will Bitcoin price rise soon?
At the same time, IncomeSharks expressed hope that the stagnant Bitcoin price would “go up in price”, noting that the flagship decentralized finance (DeFi) token appears to be “trying to build a runway.”
Meanwhile, another crypto expert known as Stockmoney Lizards said on Dec. 25 that it was “a matter of time” for Bitcoin to make an exit as the pair formed falling wedges.
Bitcoin price action patterns. Source: Stock Lizards
Crypto analyst Trader Tardigrade also observed that “Bitcoin has failed to continue its ABC bearish pattern,” considering that “BTC took 32 days to complete wave ‘B’ and then broke down with a new low. It’s too late for that,” he said.
Source: Merchant Tardigrade
Notably, Finbold previously reported that a crypto analyst saw $9,000 as a basis for the first crypto asset to start a new rally, whereas BTC recovered faster funding rates after the FTX boom than after previous capitulation events including Covid and the Chinese crypto ban. showed.
Meanwhile, respected crypto analyst Vince Prince pointed out that Bitcoin forms the “Merry Christmas Cycle” in 2022; this is the same pattern that emerged over the last three Christmases, marking the end of the bear market and the start of the new Christmas cycle. It will likely reach around $1.8 million by Christmas 2026.
Bitcoin price analysis
Currently, Bitcoin is changing hands at $16,866.05, up 0.22% and 0.74% on the day. It’s also posting modest gains on its monthly charts – 1.63%, but BTC is still 64.79% down from its yearly high in March.
Bitcoin year-to-date (YTD) price chart. Source: Finbold
If the above patterns are bullish for Bitcoin and the side manages to “off the track”, the pair recovers from falling wedges and maintains the positive momentum that analysts expect (in some cases very high), while no unforeseen events such as the FTX drop do occur, then a rally is indeed possible.
Disclaimer: The content on this site should not be considered investment advice. Investment is speculative. When investing, your capital is at risk.