BTC Price Santa Rally: Will Bitcoin Spike Above $17.5k This Weekend?
The post BTC Price Santa Rally: Will Bitcoin Spike Above $17.5k This Weekend? appeared first on Coinpedia Fintech News
The forthcoming Christmas holiday, according to a popular crypto expert, will bring about a rise in the Bitcoin (BTC) price.
Analyst Kaleo, who uses a pseudonym on Twitter, has 552,400 followers and claims that the king cryptocurrency is about to see a celebratory surge that nobody saw coming given its consistently high hash rate.
What to Expect in “Santa rally” season?
Since most people expect a crash, he argues the opposite is likely.
My entire timeline is ready for a complete collapse to a lower range.
When the majority of the timeline agrees on something, they’re usually wrong. pic.twitter.com/Ei0vXsaL3n
— K A L E O (@CryptoKaleo) December 19, 2022
He claims that his entire timeline is set up for a catastrophic downward spiral. A common rule of chronological consensus is that everyone is mistaken when they agree on anything.
Bitcoin will “continue the grind up to $17,500, then accelerate and commence the squeeze to $18,500,” he predicts.
In one frequently watched metric, the hash rate, Kaleo claims that Bitcoin is exhibiting strength. Despite Bitcoin trading for less than $20,000 since the FTX collapse, he claims the hash rate has remained high.
Looking at the graph below, Bitcoin’s hash rate is one of the most eye-catching you’ll find. Even though Bitcoin has been trading below $20,000 for nearly a month, miners have yet to give up.
What does the hash rate suggest?
He said that the hash rate, which is the rate at which a Bitcoin miner solves an algorithm, is a measure of the Bitcoin network’s processing capacity. A more robust and secure network is indicative of a greater hash rate.
Nevertheless, he wonders how much longer the current hash rate can hold out.
The indicator below paints a general picture of BTC prive vs. miner production cost. Obviously there are plenty of variables here and certain miners might have significantly lower avg. costs, but it does make you wonder how much longer before we see someone capitulate. pic.twitter.com/odJd8uDWad
— K A L E O (@CryptoKaleo) December 19, 2022
“The chart below compares BTC pricing to miner production costs. There are many factors, and certain miners may have lower average prices, but it makes you wonder when someone will cave.”
How is BTC Price Likely to Perform in the Days to Come?
However, other crypto specialists that are widely respected have predicted that the price of bitcoin will almost certainly crash.
The cryptocurrency analyst known as Capo, who successfully predicted the previous major market crash, has informed the 690,000 people who follow him on Twitter that the price of bitcoin will drop to roughly $12,000.
Bottom line
Bitcoin is currently trading at $16,835 as of this writing. Hence, this December’s cyclical pattern may bring traders terrible news. However, considering merely the figures, the crypto community may have something to celebrate this holiday season.
Filed under: Bitcoin - @ December 24, 2022 7:06 am