- Bitcoin might continue its $17,500 price uptrend before proceeding and attempting to break the $18,500 price resistance.
- Seasoned crypto analyst, Bennett, reveals that cryptocurrencies, especially BTC, are currently moving sideways in price with no specific direction to its range.
The holiday period may signal the next bull rally for the two largest crypto assets, according to a digital asset strategist with the alias Kaleo. According to the industry veteran, December may kickstart another fresh price uptrend for Bitcoin and Ethereum. In his address to his Twitter followers, the expert disclosed that a festive rally for Bitcoin is possible because the industry is not anticipating it, and the hash rate is stable.
Bitcoin, he said, is bracing up for a Santa rally. However, Kaleo added that most of the sentiment about Bitcoin is one of a possible collapse. Still, the opposite will take place for the leading crypto assets. He noted that his entire social media timeline shows predictions of a total crash to a low range.
However, when most timelines reveal one thing, they are usually inaccurate forecasts. According to Kaleo, Bitcoin will continue its $17,500 price uptrend before proceeding and attempting to break the $18,500 price resistance. Kaleo added that Bitcoin is displaying some strength that mirrors that of its hash rate indicator.
The hash rate remains high despite BTC trading below $20,000 after the collapse of FTX. As revealed by CoinMarketCap, BTC is currently changing hands at $16,841. He said, “The Bitcoin hash rate is the most impressive performance metric about the asset. For more than a month, BTC has been changing hands below $20,000 with no apparent retreat from miners.”
It is worth noting that the Bitcoin hash rate measures the processing power of the network’s speed with which a miner completes a block. A higher hash rate means the network has become more robust and secure.
A Possible Uptrend for Bitcoin and Ethereum
As the year wraps up, experts continue to express their views on the price trajectory for Bitcoin and Ethereum amid a massive test for the traditional stock market. Justin Bennett, a seasoned crypto analyst, reveals that cryptocurrencies, especially BTC, are currently moving sideways in price with no specific direction to their range.
Bennett added that as the industry moves into the Christmas period, BTC is still sideways, and he predicted a price retest of $16,500 for a possible bounce. However, it is unclear whether Bitcoin’s price movement will test that range or break above the $16,900 mark before the year ends. Speaking of Ethereum, the experienced trader noted that, like BTC, ETH is also moving sideways as the holiday approaches.
However, Bennett stressed that if Ethereum managed a price pullback, he is anticipating a move toward the $1,180 range, which would act as its support zone. On the other hand, if the asset completes a 4-hour daily close above the $1,220 price level, ETH would reach $1,300 before the end of 2022. ETH currently trades at $1,218 at the time of writing, according to current Coinmarketcap data.
Bennett further said that MATIC, the native token of the Ethereum Layer-2 scaling solution, Polygon, is about to retest a new resistance level after breaking the previous trend line to trade at $0.776.