Bitcoin (BTC) continues its sideways trading pattern following a difficult year driven by mostly negative circumstances. Nevertheless, despite Bitcoin’s pullback, the asset’s price movement is consistent with a historical trend that might pave the way for the leading cryptocurrency to achieve new heights.
In this statement, respected crypto expert Vince Prince from TradingView said that Bitcoin has once again created the ‘Merry Christmas Cycle’ in 2022, a pattern that has developed over the course of the prior three Christmases.
With Bitcoin’s current price ranking among the annual lows, experts have indicated that, according to the cycle, the first cryptocurrency has always produced new bottoms that conclude the bear market and start the Christmas Cycle.
“The importance of the empirical relevance of the cycle is that it has always worked flawlessly in the past,” he added. “Therefore, there is a very strong probability that Bitcoin will exhibit the same cycle in the future.”
If the pattern continues, Bitcoin’s price will climb to around $1,800,000 by Christmas 2026. Bitcoin’s price will increase by about 10,614% if the price objective is reached, compared to the asset’s price at the time of publication.
Although Bitcoin’s price remains low, investors continue to acquire the commodity. Particularly, as of the 25th of December, Bitcoin holding addresses totalled 43,764,748—the monthly high. The lowest monthly value of Bitcoin holding addresses was reported on December 11 at 43,497,500.
As of press time, Bitcoin was trading around $16,823 as the sideways trend continued with no clear catalyst in sight.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.