As 2022 approaches, Bitcoin (BTC) is extending its sideways trading pattern after a tumultuous year in a mostly bearish position. However, despite BTC’s consolidation, the asset’s price movement aligns with a historical trajectory that can lay the foundation for the flagship cryptocurrency to reach new heights.
Along these lines, the well-known crypto researcher Vince Prince of TradingView pointed out that BTC created another “Merry Christmas Cycle” in 2022, a pattern that appeared during the last three Christmases.
According to Vince’s research, BTC has continued to hit all-time highs during the Christmas under cycle. Also, he said that Bitcoin hit many new all-time highs on Christmas Eve every year.
With the price of BTC now in the middle of annual lows, analysts said that depending on the cycle, the young crypto has formed a new low ending the bear market and starting a new Christmas cycle. “The important thing here is that the empirical meaning of the cycle is that it has always worked perfectly in the past, which means that there is a very strong possibility that Bitcoin will appear again in one round,” he said.
In fact, if the cycle holds, BTC could rise to $1.8 million by Christmas 2026. If the price is expected, BTC will rise to around 10,614% from the price of the property in the reporting period.
Bitcoin Holders Hit a Monthly High on Christmas Day
Although the price of Bitcoin is still depressed, investors are still hoarding the asset. In particular, as of December 25, bitcoin holds an address standing at 43,764,748, which is a monthly high. The lowest monthly BTC holdings were recorded on December 11 at 43,497,484.
Bitcoin Price Analysis
At the time of going to press, BTC is trading at $16,823 as the sideways stability extends with nothing that could make it a decisive decision in sight.
Obviously, Bitcoin has been affected by macro factors, the situation is complicated by the collapse of the crypto exchange FTX as investors wait for the price to bottom.
In this line, Finbold’s report shows that historical analysis points to a possible correction in BTC at $9,000. Apparently, that situation served as the basis for Bitcoin’s recent high of $69,000. Based on historical price action, the data also suggests that Bitcoin may be in line for another rally in the next three years. In particular, when considering the movement of BTC in the past, a pattern emerges of a year where the asset reached an all-time high (ATH) followed by a bear market year.
Apparently, famous investor Bill Miller believes that BTC trading at $17,000 is a huge achievement due to the impact of the FTX crash. In fact, data shows that following the FTX debacle, BTC recovered faster than other commodities. Meanwhile, investors will be looking for a possible Bitcoin rally as the asset is about to become digital gold. Interestingly, following Bitcoin’s previous rally, crypto skeptic Peter Schiff admitted that investor interest in gold decreased as cryptocurrency tools took center stage.