CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English
Country • Select Country
    Entity • The products and services listed on this website are not available to US residents.
    English العَرَبِيَّة Deutsch ελληνικά Español Français Italiano Magyar Nederlands Polski Română Русский 简体中文 繁體中文

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

    By Alara Jordan

    12:54, 7 December 2022

    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.

    ETH/USD

    3,159.05 Price
    -1.740% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 21:00 (UTC)
    Spread 6.00

    DOGE/USD

    0.15 Price
    -5.200% 1D Chg, %
    Long position overnight fee -0.0753%
    Short position overnight fee 0.0069%
    Overnight fee time 21:00 (UTC)
    Spread 0.0012872

    BTC/USD

    64,586.60 Price
    -2.680% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 21:00 (UTC)
    Spread 106.00

    BCH/USD

    484.05 Price
    -5.030% 1D Chg, %
    Long position overnight fee -0.0753%
    Short position overnight fee 0.0069%
    Overnight fee time 21:00 (UTC)
    Spread 2.50

    “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.

    Related topics

    #Cryptocurrency #Bitcoin

    Rate this article

    Related reading

    Bitcoin short squeeze: BTC recovery could leave crypto sceptics scrambling to cover

    Gold coin Bitcoin and unfocused background graphics.

    Bitcoin breakout: why some analysts think BTC could hit $30k in the next two weeks

    Representation of a golden bitcoin surrounded by crypto
    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.
    Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

    Still looking for a broker you can trust?

    Join the 610,000+ traders worldwide that chose to trade with Capital.com

    1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading

    Start trading on BTC/USD.

    64480.60
    64586.60