By George Ward
December 2022 may be the point for BTC’s likely price reversal. The value of the leading crypto asset saw a breakout over the $18,000 price mark in the last few hours on some exchanges.
The price of BTC is currently above $17,500, which is seen as the upper resistance zone for the asset in the last few weeks.
BTC’s Price Action In The Last Few Weeks
Over the past few weeks, BTC price has been rangebound and trending sideways, hinting at a possible reversal. However, toward the end of October, BTC price surged over $21,000, which ultimately triggered a rally for altcoins.
However, the positive sentiment was short-lived as the ill-fated FTX crypto exchange collapse plunged the market into another bearish trend.
As a result, the token’s price dropped below $16,000 in early November. Interestingly, Bitcoin managed to reverse the downturn in recent weeks, and the past one to two weeks show the asset’s price attempting to break past the $17,000 level.
Notwithstanding the positive performance, the question is: will BTC’s price drop to $17,000 again?
Considering the token’s recent run in the past few hours, where the value of BTC rose to over $17,800 from $17,000, the price resistance is likely to be broken soon.
In addition, it also implies that the price of BTC might spike back to $20,000 over the next few days. When this happens, Bitcoin could hit a new price resistance again.
Furthermore, as the year ends, the possibility of another mass adoption of cryptocurrency is on the horizon. However, December is not historically considered a bullish period.
Nevertheless, the final two weeks of the year will likely change the narrative. Hence, the market should expect to see Bitcoin soar to $20,000 again before the end of 2022 end.
Is December A Green Month For Cryptocurrency?
For most of the year, BTC’s price has been in the red, with occasional green in between. Therefore, another price drop below $15,000 is still possible.
However, the beginning of a rally just a few weeks before 2023 is a hint for what could happen to BTC’s price as next year will become the second year of the bear trend. Thus, many experts see BTC’s price action as a more bullish sign than a bearish one.
A similar event played out at the start of 2019 during the last BTC cycle. 2022 is shaping to be similar to 2019, but if 2013 could mirror 2019 again, the value of the leading crypto asset could rise in the next few months.
In the previous BTC cycle, the coin’s price spiked from $3,500 at the start of 2019 to $10,500 in the summer. Hence, a similar pattern to what happened in 2019 might play out again, barring unforeseen market forces.