Bitcoin Price Soars in 2023, Approaching $45,000 Mark, With Only Seven Days Left Until Christmas. The following text presents a reader’s analysis of Bitcoin’s price trend during this period each year, whether it tends to rise or fall.
(Background:
SEC is in a hurry! 13 Bitcoin spot ETF providers need to complete modifications “before the end of the year,” BlackRock and three others have already submitted
)
(Supplementary information:
Survey: Nearly 80% of “Wall Street financial advisors” expect Bitcoin spot ETF to emerge, half of them hold BTC
)
Today is Christmas (12/25), and data shows that Bitcoin’s price has risen nearly 160% over the past year. In the last seven days of 2023, investors are eagerly anticipating whether BTC will continue to surge due to the potential approval of spot ETFs in January next year, the halving narrative, and the expectation of interest rate cuts by the Federal Reserve.
Further reading:
Bitcoin becomes the “second-best-performing asset globally” in 2023! Nvidia rises 241% surpassing BTC
Reviewing Christmas market trends from 2017 to 2022
However, we know that Europe and the United States generally have market closures during the Christmas holiday, which leads to reduced liquidity. Investors may also decide to take profits due to the holiday break. Therefore, the market is concerned that Bitcoin may face a certain degree of pullback.
Below, we have compiled the market trends of Bitcoin during each Christmas period from 2017 to 2022. (For statistical convenience, the prices within the 7-day period starting from Christmas are used for calculation)
2022: Down 2.7%
2021: Down 11.9%
2020: Up 22.3%
2019: Down 1.1%
2018: Down 5.3%
2017: Up 4.1%
From the above data, it can be seen that since 2017, Bitcoin has had a probability of more than 66% of price decline within the 7-day period starting from Christmas. The market buying sentiment doesn’t seem to be that strong.
However, each year’s situation is different, and historical data cannot accurately determine market trends. Whether Bitcoin can reach new highs this week in 2023 with potential positive factors such as spot ETFs and the halving narrative remains to be observed over time.
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