Analyst Predicts BTC Christmas Rally, Calls This Chart Impressive
A well-known cryptocurrency analyst believes the forthcoming Christmas holiday will increase Bitcoin (BTC).
According to the anonymous expert Kaleo, who has 552,400 Twitter followers, the king cryptocurrency is in for a holiday surge since no one is anticipating it, and the hash rate is still high.
“Santa rally [season] begins soon.”
He asserts that while the majority of opinion favours a collapse, the likelihood of the reverse is high.
“My entire timeline is ready for collapse to a lower range. When the majority of the timeline agrees on something, they’re usually wrong.”
According to him, Bitcoin will “keep on grinding up to $17,500, then accelerate and start the squeeze to $18,500.”
Source: Kaleo/Twitter
According to Kaleo, one highly watched statistic, the hash rate, shows Bitcoin to be strong. Since the FTX crash, he claims, Bitcoin has been trading for less than $20,000, yet the hash rate has remained strong.
“One of the most impressive charts out there is Bitcoin hash rate. After over a month of BTC trading beneath $20,000, there’s yet to be any real capitulation for miners.”
Source: Kaleo/Twitter
The speed at which a miner completes an operation is measured by the hash rate, which represents the computing power of the Bitcoin network. A stronger network and greater security are indicated by a higher hash rate.
He does wonder how long the hash rate can continue to be so high.
“The indicator below paints a general picture of BTC price vs miner production cost. Obviously, there are plenty of variables here, and certain miners might have significantly lower average costs, but it does make you wonder how much longer before we see someone capitulate.”
Source: Kaleo/Twitter
However, several well-known crypto specialists have predicted that the price of Bitcoin would most certainly fall.
Capo, a cryptocurrency analyst who correctly predicted the previous significant market drop, predicts that Bitcoin will fall to roughly $12,000 in front of his 690,000 Twitter followers.
At the time of writing, one bitcoin is worth $16,835.
