Xmas Rally? Bitcoin Spiked 50% in the Last 16 Days of 2020

Last year’s Christmas run-up was one of bitcoin’s most bullish periods as the asset gained 50% of value at the end of December.

With the uncertainties around the most recent Fed meeting over now, the question arises if BTC can do it again.

The 2020 Christmas Rally

2020 was a wild year from all perspectives, including the cryptocurrency space. Bitcoin entered it with high hopes, as its third-ever halving, which took place in May, was expected to initiate another massive bull run like it did in 2012 and 2016.

However, the COVID-19 pandemic came and turned everything upside down. BTC was not exempt, and the infamous volatility struck hard in March when the asset plummeted by more than 50% in a day to below $4,000.

Nevertheless, the situation began to normalize in the following months. The aforementioned halving came, and BTC indeed went on a bull run in late 2020 as institutions and prominent investors started to get on board.

As such, the asset neared its ATH at the time of around $20,000 in mid-December. This is when the moment the entire crypto community waited for three years finally came. Bitcoin broke that coveted line and went into uncharted territory.

The bullish sentiment continued in the following two weeks. BTC ultimately added 50% of value by the end of the year and finished it at around $29,000 – the highest ever.

Could BTC Do it Again?

This year started on a high note, with bitcoin charting new ATHs frequently. It peaked at $65,000 in April when everything seemed bullish but dumped in value in the following months when China reiterated its ban on crypto and ousted miners.

The upside price movements resumed in the second part of the year (again), and bitcoin managed to break the April ATH firstly in October and then in November. The current top is at $69,000.

In the following month or so, BTC retraced once more, sitting around 30% away from that peak. Most crypto insiders, which were highly bullish about the year’s end, attributed the recent decline to uncertainties coming from the US and the infamous FOMC meeting.

Now that it’s over, BTC could be primed for another leg up, at least according to CryptoQuant’s analyst – VentureFounder. He believes that the technical aspects are still intact, with a “tiny” RSI bullish divergence forming. Consequently, he noted that the general momentum could change swiftly, and bitcoin might replicate the 2020 run.

If BTC indeed skyrockets by 50% from its current price tag, it will break the November ATH by going above $70,000.

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...