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bitcoin crypto christmas
Nexo Logo

Bah Humbug! If Bitcoin Bulls Can’t Reclaim $7,800 It’s Coal For Christmas

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
Advertisement

All bulls want for Christmas this holiday season is to push Bitcoin price higher and prevent a further downtrend back into a full-blown bear market.

But unless Bitcoin price can reclaim key support at $7,400, bullish crypto investors are going to have a bad Christmas, according to one crypto analyst.

Bitcoin Price Must Reclaim $7,400 Support Or Risk The Naughty List

At the close of October, Bitcoin price was trading above well above $9,000 following a news-driven short-squeeze that caused the first-ever cryptocurrency to set its third-largest single-day gain in its history, pushing the price of the asset from support at $7,400 to as high as $10,500.

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Related Reading | Bitcoin Price Attempts to Reclaim ‘Mega Bull Run’ Moving Average 

But before November could close, the leading crypto asset by market cap had fallen nearly a third in price, to $6,500 at its recent local low. Now, with December in full swing and the holidays around the corner, bulls are left wondering if they’ll get the thing they’ve wished most for this year: bullish Bitcoin.

According to one crypto analyst, $7,400 – the level that triggered the massive impulse rally – represents a key support level, now acting as resistance, that must be reclaimed by bulls for a chance to get their Christmas wish.

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https://twitter.com/teddycleps/status/1201772903018033154?s=21

The Ghost of Crypto Christmas: Past, Present, and Future

Markets are cyclical, and according to legendary trader William Delbert Gann, tops and bottoms typically occur around the months of November, December, January, February, April and July.

Bitcoin price topped out in December 2017, later forming a V-shaped bottom in February 2018. In November 2018, Bitcoin broke down below $6,000, eventually bottoming in December 2018 at $3,100.

In 2019, Bitcoin broke out in April to later top out in July. The crypto asset experienced another massive drop in November of this year, and could once again be looking to find a bottom this current month of December.

Last year, Bitcoin price bottomed out by December 15, and rallied nearly 20% by Christmas from the low it set, giving bulls a bit of relief on Christmas Day.

This year, Bitcoin is heading into the holidays once again falling, teetering on the edge of support at $7,400. And until bulls reclaim this level, Bitcoin could be stuck in a continued downtrend for the foreseeable future, and head into 2020 and the upcoming halving a lot more bearish than anyone would have expected.

Related Reading | Accurate Trader Calls For $1K Bitcoin and Destruction of Crypto Industry

According to the crypto asset’s stock-to-flow model alone, Bitcoin should be trading upwards near $55,000 per BTC come May 2020 when the asset reaches its pre-coded halving, where miners see the block reward cut in half. Each halving is typically considered a massively bullish event, due to miners selling less and less Bitcoin into the market.

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Tags: bitcoinChristmascryptoteddy cleps
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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