The Christmas season is now about a month away, and traders from the crypto street are anticipating a bullish move towards the stratosphere. Which arguably could be the best gift for traders and holders in the market. While the coin market is stuck in a rut, where the market cap of the industry is dwindling, with each passing day.
Consecutively, the crypto industry has shed half a trillion in the market cap lately. Netizens are expecting BTC prices to rhyme with the historic price surge from the winters of 2017. While an industry proponent recalls BTC price movement from the winters of 2017.
Will History Repeat Yet Again?
The proponent recalls the historic price movements from 2017, which led to the rise of BTC prices at an exponential rate. It was on the 22nd of November 2017, when the star crypto was trading at levels around $8,310. While traders were anticipating BTC price to surge to levels of $10,000 by Christmas. Bitcoin price breached the levels around $20,000 by mid of December.
Folks from the crypto industry have been pondering over the price trajectory of Bitcoin. Which could further influence altcoins to follow the league. The industry is now aware of the fact that the current market cycles have been interpreting the cycle from 2017. A similar up-trend could help BTC price zoom in to levels around the $100,000 milepost.
Bitcoin (BTC) Price Analysis
The star crypto at press time is trading at $56,751.26, losing out 0.9% in its value. While the market cap is at about $1,063,159,148,039. The trade volumes for a day and a night are at $35,260,992,890. The digital asset has been progressing along with the bandwidth of $55,865.87 and $59,299.99. The ATH now seems to be far off at $69,044.77.
The digital asset needs to pick up steam, to rise to its crucial levels around $60,000. The next target from there on could be at levels around $63,000. Traders need to take heed of levels around $54,000. The next pit stop is at levels around $50,000 if the digital coin runs out of gas at the previous support levels.
Collectively, the bulls will have to drive the digital asset from the current levels for the asset to propel towards higher mileposts. We might expect Bitcoin to conquer the aforementioned notches. As the star crypto is yet to receive its due shares, resulting from the announcements of Bitcoin city.
And the tap root upgrade, which could strengthen the nitty-gritty of the network. Hopefully, the efforts would help the digital asset embark on a journey to higher levels by Christmas. While influencing fellow altcoins to follow the league.