Bitcoin’s recent woes near the very end of 2021 has left long-term bulls itching for more but there is nothing they can do. The largest digital currency by market capitalization looked all set for a grand finale at the start of November, just a month from now, posting a new all time high of $69k, but it has fallen considerably ever since, reaching a low of $42k earlier this month. The index has since dragged on with its bearish bias ever since, mostly staying below $50k amid no signs of a strong bullish recovery.
Because of this move, an overwhelming majority of traders and analysts have now stated that a rise to $100k is now out of the realm of possibilities. Even a resumption of the bull run is being seen as a difficult proposition considering the current setup and stalemate of the price index below $50k.
The bears have really become the Grinch this year and stole the bullish Christmas from the community. Only an actual Christmas miracle can help the cryptocurrency rise strongly now and post a new all time high above $69k, that is abundantly clear. Therefore, most of the investors are predicting an early uptick in 2022 and have abandoned the idea of a massive finish to the 2021 calendar year.
So, however a minute possibility, can we witness an actual Christmas miracle? Will Santa Claus give us some late Christmas bullish gifts later on in the last two weeks of the year? It remains to be seen but it is indeed very difficult and the experts have spoken.
When it comes the latest price analysis, the price is currently struggling at key resistance levels and is forced on the defensive every now and then. Earlier today, Bitcoin tested the long-term one year Moving Average trendline.
According to price analyst Philip Swift:
The 1yr MA is a pretty important #bitcoin bull/bear pivot level historically and we are sat right on it now.
I vote we bounce and stay bull. pic.twitter.com/5r7MfGkZQe
— Philip Swift (@PositiveCrypto) December 18, 2021
While it wasn’t breached, it still isn’t good news as upside action is becoming rarer in the last few weeks of the year. As a result, it is within the realm of possibility that we end 2021 with yet another bearish move. So, a rally at the end of the year is very distant probability right now and we might end up having bearish Christmas instead which can become a great buying opportunity.
Image Source: pixabay.com
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