Bitcoin Price Prediction – Can BTC Pump Up 50% in a Christmas Rally?
On Friday, Bitcoin's price remained relatively stable, hovering around the $16,750 mark. The release of US GDP figures, which showed an increase to 3.2% for the third quarter (up from the ex[ected 2.9%) caused global markets to sell off. However, Bitcoin has since continued to show strength and closed the day above $16,800. Here's where it's heading next.
Cryptocurrencies have had a difficult year after reaching record highs in late 2018, owing to a variety of factors such as the Fed's tightening of policies, as well as the collapses of the Terra/Luna ecosystem, hedge funds Three Arrows Capital, and exchange FTX. As a result, returning to high levels in the crypto market will be difficult.
Despite this, Bitcoin, the world's most popular cryptocurrency, appears to be recovering and is being supported by a mildly positive crypto market. Meanwhile, BTC's minor rise could be attributed to the fact that investors have begun to conduct large transactions, which is strengthening the market.
On the downside, the escalating Covid situation is already affecting traditional stock markets, but the crypto market appears to be safe for the time being. The overall crypto market, however, remains quiet, with only minor price fluctuations.
As a result, the escalating COVID crisis may play a role in limiting gains in digital currencies.
Bitcoin's current price is $16,823, and the 24-hour trading volume is $17 billion. The BTC/USD pair has gained nearly 1% in the last 24 hours. The bitcoin price recovered to reclaim $17,000, double the top level. The closing of the candles in this scenario keeps BTC under selling pressure.
A bullish breakout of the $17,000 level can expose Bitcoin's price towards $17,350, and above this, the next resistance
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