Bitcoin Battles Bears 'On Offense' As Christmas Delivers A USD 50k BTC Gift.

Bitcoin Battles Bears 'On Offense' As Christmas Delivers A USD 50k BTC Gift.

2021-12-26 | Selina Mathew

Bitcoin Battles Bears 'On Offense' As Christmas Delivers A USD 50k BTC Gift.

This year isn't all doom and gloom for Bitcoin bulls; gains are still 100 percent higher than last Christmas. Bitcoin (BTC) remained at $50,000 on December 25 as bulls avoided an unwelcome Christmas Day surprise. "Bears turn into bulls" in the short term? According to data from CoinMarketCap and TradingView, BTC/USD held $50,000 support into the weekend, after ranging after local highs above $51,500. As the holiday season began, the pair remained calm, with thinner liquidity yet to manifest itself in the form of volatile price movements. With most traders and analysts taking a break, the nearest upside target remained the $1 trillion market cap valuation level at $53,000. A source of contention for popular trader Pentoshi could be sellers actively driving down BTC/USD to liquidity at $46,000, only to buy back in for a rebound. "Beras is currently on offense. They bring the price down to 46k, but there is a lot of resting liquidity there, which prevents the price from moving. They begin to close shorts and repurchase some spots," he made a prediction. Further out, the yearly close had yet to become a major topic of interest, with Bitcoin still up $21,000 since the beginning of 2021. The $100,000 halving cycle isn't dead yet. Meanwhile, stock-to-flow model creator PlanB was taking stock at the end of the year. Following fresh criticism for Twitter comments he claims were misconstrued, the popular analyst stated that Bitcoin would continue to follow his model's predictions this month. According to market experts, the parameters of stock-to-flow provide significant room for maneuver when it comes to spotting price, which PlanB and others value. While the $135,000 forecast from the recently invalidated floor model proved to be overly optimistic this month, that figure as an average price for this halving cycle remains in play.

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