More tradition than coincidence, the Christmas season is around the corner again and the market is looking good for yet another run. Bitcoin (BTC) surged to more than $35,000 in October, another record high for 2023. The year-long rally has been attributed to unconventional market trends, including excitement over the Bitcoin spot ETF applications pending with the Securities and Exchange Commission.
If, like me, you’ve been in the crypto space since 2014, you’d agree that the holiday season comes with a euphoric feeling — especially this year. Everyone seems to agree that a bull run is just around the corner, so it’s time to keep a watchful eye on the market and explore unique opportunities in more than one niche — and to contemplate your approach to trading.
A conventional Christmas rally?
Christmas rallies bring excitement and joy to many in the crypto scene. Historically, the season brings an uptick in trade volumes, significant market movements, and price surges. However, recent years have defied convention, with market dynamics influenced by unprecedented factors. Take the global pandemic in 2020, for example, along with Elon Musk’s tweets in 2021 and 2022. Cryptocurrencies have soared for reasons no one could predict.
Predicting crypto market behavior is akin to forecasting the weather. It’s a challenging endeavor. While past years have brought December delights, this season is influenced by far more complex factors, including regulatory developments and geopolitical tensions.
Never mind ETFs — Bitcoin’s halving lies ahead
Investors have been positioning themselves in anticipation of a greenlight from the SEC for a Bitcoin ETF. The theory here is that an ETF will bring in institutional investors to crypto.
There is also the euphoria that Bitcoin’s upcoming halving event has brought to the market. The Bitcoin halving event — scheduled to occur in April 2024 — is significant. It’s tied to Bitcoin’s finite supply of 21 million coins. The apex cryptocurrency is issued primarily through mining. Bitcoin’s halving refers to the mechanism by which the number of new Bitcoin created in each block is reduced by 50%. It occurs every 210,000 blocks (or roughly every four years). The halving ensures Bitcoin remains a scarce and highly sought-after asset.
BITCOIN to $100k. Saying for years gold&silver GOD’S money. BITCOIN peoples $. Bad news IF stock & bond market crash…