The forthcoming Christmas holiday, according to a popular crypto expert, will bring about a rise in the Bitcoin (BTC) price.
Analyst Kaleo, who uses a pseudonym on Twitter, has 552,400 followers and claims that the king cryptocurrency is about to see a celebratory surge that no one saw coming given its consistently high hash rate.
What to Expect in “Santa rally” season?
Since most people expect a crash, he argues the opposite is likely.
He claims that his entire timeline is set for a sinister downward spiral. A general rule of chronological consensus is that everyone is wrong when they agree on something.
Bitcoin will “continue the grind up to $17,500, then accelerate and commence the squeeze to $18,500,” he predicts.
Frequently viewed metrics include hash rate, Kaleo claims Bitcoin is showing strength. Despite bitcoin trading below $20,000 since the collapse of FTX, he claims the hash rate remains high.
Looking at the graph below, Bitcoin’s hash rate is one of the most eye-catching you’ll find. Even though Bitcoin has been trading below $20,000 for nearly a month, miners have yet to give up.
What does hash rate represent?
He added that the hash rate, which is the rate at which a bitcoin miner solves an algorithm, is a measure of the processing capacity of the bitcoin network. A more robust and secure network is a sign of a higher hash rate.
Nevertheless, he wonders how much longer the current hash rate can hold out.
“The chart below compares BTC pricing to miner production costs. There are many factors, and some miners may have a lower average price, but it makes you wonder when one will drop.
How is BTC Price Likely to Perform in the Days to Come?
However, other crypto specialists that are widely respected have predicted that the price of bitcoin will almost certainly crash.
The cryptocurrency analyst known as Capo, who successfully predicted the last major market crash, has informed the 690,000 people who follow him on Twitter that the price of bitcoin will drop to around $12,000.
Bottom line
Bitcoin is currently trading at $16,835 as of this writing. Hence, this December’s cyclical pattern may bring traders terrible news. However, considering merely the figures, the crypto community may have something to celebrate this holiday season.
