Christmas is an extraordinary time of year that heavily influences the world of cryptocurrencies. Recently, there was a 7 percent Bitcoin price hike, just because traders and hodlers felt merry, and became more active on exchanges.
Bitcoin price hike
The value of the most famous cryptocurrency out there has been experiencing some worrying crashes over the past few months.
Thanks to the Christmas spirit and hype, Bitcoin has witnessed a significant price hike of over 7 percent to reach USD 7,528 per coin. What is even better is, analysts predict that this hike will continue, as BTC is holding steady around the USD 7,500 mark.
Source: Cryptopolitan
Traders from all over the world are predicting that BTC will break the USD 7,800 mark, after a long session of price drops over the past week. Among them is Amsterdam Trader Michaël van de Poppe:
Green zone held for support here, which is the range low.
Currently at potential local resistance. Wouldn't be surprised with continuation of ranging for the coming days, before we make another push to $7,800-8,000 resistances later next week.
All in all, good. pic.twitter.com/vyumXpruOh
— Michaël van de Poppe (@CryptoMichNL) December 22, 2019
Christmas Hype
This rise in value is a great Christmas present for Bitcoin enthusiasts globally. The main reason behind the Bitcoin price hike is, of course, the jolly mood that engulfs the world around this time of the year.
However, analysts warn that despite the hopefull surge BTC is experiencing during the holiday season, new lows might be expected at the beginning of 2020. While traders will be able to enjoy rising prices during Christmas and New Year celebrations, with the beginning of the new decade, new price drops should be expected.
Hopefully, 2020 will be a better year for Bitcoin and cryptocurrencies in general, as the industry is gaining recognition and acceptance on a global level.
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