According to one analyst, the evidence shows that the crypto market is particularly sensitive to market timing, with a clear upside or downside last December. If this proof is correct and a pattern is potentially valid, will the price for Bitcoin go to the top or bottom by the end of this year?
Bitcoin in price impasse: when will the range be broken?
Bitcoin price is still in the range just above $30,000. The leading cryptocurrency has been on the rise for most of the last 15 months, but three months ago the market changed. However, according to an analyst with the Twitter username “WiseAnalyze”, the current situation of BTC is more like the midpoint of a bull run, rather than a cycle peak. In Bitcoin, a chart shared by a crypto analyst who uses “sine lines” to denote the different highs and bottoms that occur every December every two years supports the argument.
December is one of the months to remember for Bitcoin. It was December when BTC crossed $1,000 for the first time. By next December, it’s down 80 percent below $200, at which point it’s back to the bottom of the bear market. Two years later, in December 2017, the Bitcoin price peaked once again, ending this bull rally and starting another bear market. The bottom of the bear market was again in December. Even a discontinuous “bottom” was set in December 2019, before a crash that resulted in Black Thursday last year.
So what happened in December 2020? Cryptocoin. com
As we have previously reported as , Bitcoin price broke the old resistance at the all-time high and did not return to those levels again. According to crypto journalist Tony Spilotro, the sine wave shown in the chart above indicates that the Bitcoin price will potentially rise again this year. According to Spilotro, this means that the current “peak” is just a local top and the bull rally will continue soon.