Hot Topics
Coin Gecko

Advertisement

Advertisement

Analysts Find It Unlikely For BTC To Make A Comeback For Christmas

 
Analysts Find It Unlikely For BTC To Make A Comeback For Christmas
Breaking News / Bitcoin
  • Analysts don’t see the bulls regrouping in the next month or so.
  • December will more likely be a cold winter for the popular cryptocurrency. 
  • For now, a slow but sure bleed seems to be on the table.
  • Bitcoin is in the bears home now.

While December has been the month people were anticipating to throw bitcoin to new heights, it seems like things might be a bit… underwhelming this year. Just as we saw BTC crash last winter, things don’t look great for the flagship cryptocurrency. Even analysts don’t see the bulls regrouping in the next month or so.

December will more likely be a cold winter for the popular cryptocurrency. But if the weather changes and BTC recovers key levels, we will hopefully see a change. For now, a slow but sure bleed seems to be on the table.

Bearish territory

Bitcoin is in the bears home now, there’s no doubt about that. Currently down by 50% from its 2019 high of $13.8k, Bitcoin is suffering at the moment. However, there were moments when the leading cryptocurrency seemed to be pushing back to its bullish form. But every rally was met by a massive sell-off. 

As per CCN, “the inability of buyers to push prices higher is why many analysts doubt that a Santa Claus rally is just around the corner.”

The CEO of ADVFN and Online Blockchain Plc, Clem Chambers, doesn’t see the flagship crypto making a flash reversal to $10,000 anytime soon. He said:

“Can [bitcoin] hit $10,000 this year? Yes, but will it? Probably not. Can it go to $5000? Yes and this looks more likely than $10,000. Stabilization at around $6000 seems the most likely outcome for now.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

You can share this post!