The first and largest cryptocurrency by market cap, Bitcoin (BTC) extended its upward move past $19,400 on December 13. Bitcoin bulls rose to the occasion after a decline to lows of $17,580 on Friday.
Bitcoin’s new rally is spurring up questions; a fakeout or breakout? will this new Bitcoin rally lead up to the all-time high? will Bitcoin pay homage to history this time around?
Guy Hirsch of the eToro exchange recently stated that historically Bitcoin always posted a strong performance in December, thus he expects buyers to accumulate BTC during major dips. When Bitcoin faced immense selling pressure in the prior week, Denis Vinokurov of BeQuant stated that BTC’s downside is limited in the short term, expecting stability to recover while the outlook for December remains bright.
Some market participants believe that there is now reduced selling pressure in the near term following Miners and Whales’ massive sell-off in the prior week. At this juncture, the main key to Bitcoin reaching a new all-time high to subsequently enter a price discovery is the lack or less of selling pressure.