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[Analysis] "Bitcoin Expected to Show Strong Uptrend After Christmas"

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Suehyeon Lee
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  • Bitcoin is expected to show a strong uptrend after Christmas.
  • Records from 2014 to 2023 indicate that the market rose with an 80% probability during the week after Christmas.
  • Significant volatility is expected in the market due to the expiration of Bitcoin and Ethereum options contracts on the 27th.
STAT AI Notice
  • The article was summarized using an artificial intelligence-based language model.
  • Due to the nature of the technology, key content in the text may be excluded or different from the facts.

Bitcoin (BTC) prices have fallen to their lowest levels since the end of November, dashing hopes for a 'Santa Rally,' but there is speculation that a strong uptrend could occur after Christmas.

According to Cointelegraph on the 24th (local time), Bitcoin fell to $92,442 the previous day, marking a four-week low. This has dampened expectations for the so-called 'Santa Rally,' a strong uptrend traditionally occurring during this period.

However, cryptocurrency trader 'Mister Crypto' pointed out, "There were significant uptrends between Christmas and New Year in 2016 and 2020. There is a possibility of a rebound at the end of this cycle as well."

In fact, according to CoinGecko data, the market recorded an increase 8 out of 10 times during the week following Christmas from 2014 to 2023. During this period, the total market capitalization of the cryptocurrency market increased from 0.7% to a maximum of 11.8%.

Meanwhile, the media emphasized that with Bitcoin and Ethereum (ETH) options contracts worth about $18 billion expiring on the 27th, significant market volatility is expected. Additionally, social sentiment surrounding Bitcoin hit its lowest level of the year as of the 22nd, suggesting a potential rebound.

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shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.