Bitcoin (BTC) Sparks Pre-Christmas Rally
BTC broke away from a period of almost no action, vaulting the $7,500 level with the promise for a further climb by year-end.
Bitcoin (BTC) moved away from its period of relative stagnation. In less than a week, BTC erased the losses from the recent low close to $6,500, and vaulted the $7,500 level. The late Sunday rally was a renewal of BTC weekend action.
BTC got a boost from chart analysis, which saw the prices attempt a trek to $7,800, breaking through previous resistance levels. Bulls seemed to return toward the end of 2020. Both Tether (USDT) activity and futures market activity picked up immediately.
BTC remained highly unpredictable, breaking away from what was seen as a continued bearish trend to below $6,000. BTC now sees another bull-and-bear fight, as even a few hundred dollars can generate millions in profit or loss.
But the recent price climb is also seen as an indicator that 2020 may start on a more bullish note. Some chart analysts show that 2020 may look more like 2019 than like the bear market of 2018. However, BTC is mostly seen moving sideways and within a tight range.
BTC ends 2020 with somewhat higher volatility, and still strong bearish attitudes. But a set of resistance and support levels may keep the price fluctuating on a smaller scale, for short-term gains. Most predictions see the next parabolic boom as years ahead in the future.
For the next year, BTC is no stranger to outlandish predictions, reaching new records.
However, BTC failed to fulfill similar prophecies for the end of 2019, where prices as high as $16,000 were predicted. For now, BTC is no longer supported merely by spot markets, where bots and concerted USDT activity can hold sway. Futures face pressures in both directions, with more experienced traders that avoid FOMO and plan their positions.
Altcoins are seen as diverging in 2020, with the biggest coins remaining stable, while smaller altcoins and less successful projects may continue to lose value.