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A merry Bitcoin Christmas: Could a BTC rally be on the cards this year?

By Alara Jordan

12:54, 7 December 2022

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Bitcoin price rally
Crypto analysts predict that bitcoin could rally upwards of $18,000 by the end of the year – Photo: Shutterstock

The price of bitcoin ($BTC) has fluctuated between lows of $16,700 and highs of $17,300 in the past week, but according to crypto analysts, there could be good news on the horizion for the price of the largest cryptocurrency by market capatalisation.

Crypto analysts have predicted that despite the market downturn that followed the fallout of FTX, the price of bitcoin could have already hit its bottom price in November and an upward trend could be imminent. 

BTC to USD

Bitcoin has had a rocky 2022, droppingd by more than 60% year to date. However, according to the crypto analyst Dave the Wave, BTC could be gearing up for a price breakthrough towards the end of the year after holding off its resistence level around $16,900. 

Another crypto analyst, Credible, believes that BTC's will likely rally towards upwards of $18,000 and could even hit $19,000 by the end of the year.

“No change to my expectations. Still looking for $19,000,” Credible wrote on Twitter.

LUNC/USD

0.00 Price
+14.820% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee -0.0500%
Overnight fee time 22:00 (UTC)
Spread 0.00000967

DOGE/USD

0.09 Price
+0.970% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0011679

BTC/USD

23,363.65 Price
-0.700% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 60.00

ETH/USD

1,655.10 Price
+0.520% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

“BTC has formed a nice tight consolidation here after a clean impulse on low timeframe. May dip into $16,000 first to take out these built-up lows but still expecting continuation up after regardless.” 

A bullish new year

While bitcoin has moved mostly downwards during the past three months, analysts remain positive that the cryptocurrency will witness a dramatic improvement by the end of the year.

Tim Draper, a venture capital investor and founder of Draper Associates, has gone one step further to state that the price of BTC could hit $250,000 in 2023, claiming that the cryptocurrency could surprise investors and reach that number “by June of next year”.

While past trends do not determine future outcomes, BTC has usually recorded consistent growth towards the end of the year, with the digital asset hitting  $50,720 on December 25, 2021, up from $46,117 just five days earlier on December 20, 2021.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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