BTC, 'Year of Halving and Bull Market' Unfailingly Records 'Santa Rally'
Foreign Media "BTC Forecast to Have Record-Breaking Santa Rally in Record-Breaking Bull Market Year"
On-chain Data Also Releases BTC Undervaluation Data Following Recent Correction
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During the Christmas season, Bitcoin has shown a pattern of the trend for the year becoming more pronounced. In a bull market, it rises even more, and in a bear market, it falls even more. Based on this pattern, the cryptocurrency media outlet Beincrypto has forecast that Bitcoin will enjoy a Santa Rally this year.
Bitcoin recorded gains of 12.68%, 11.25%, and 25.63% during the Christmas seasons of 2012, 2016, and 2020, respectively, which were years of the halving event and bull markets.
2024 is recorded as the year of the halving event and the year of Bitcoin's endless record-breaking bull market. Bitcoin's price has risen about 137% from the beginning of this year to the present. Given the record-breaking bull market in 2024, there are expectations that a record-breaking Santa Rally may unfold.
This week, Bitcoin fell below the $100,000 level due to comments from US Federal Reserve Chairman Jerome Powell and a chain of liquidations in the futures market. However, this decline is seen as the 'correction' needed before the Santa Rally, leading to an optimistic outlook.
Beincrypto reported that "despite the recent slight correction, there is a lot of expectation that Bitcoin will record high prices in the Christmas week" and "based on the precedent of Bitcoin skyrocketing in halving years, many experts are predicting a Santa Rally in 2024."
In addition to the past pattern, on-chain data also forecasts an increase in Bitcoin during the Christmas season. The 'Bitcoin Cycle Oscillator', which calculates the average value of Bitcoin's price in the long term and determines the current undervaluation or overvaluation of Bitcoin's price, forecasts that Bitcoin has hit the bottom.
On December 20, the Bitcoin Cycle Oscillator value recorded 0.70, indicating that Bitcoin's price is significantly below the long-term average price and has hit the bottom. Based on this data, on-chain analysis experts forecast that Bitcoin will rebound during the Christmas week and continue to set new highs.
Reporter Kwon Seung-won ksw@blockstreet.co.kr
