Bitcoin investors look to 2023 after disappointment of Santa rally that never was

The run-up to Christmas was filled with anticipation for a Santa rally that would adjacent the twelvemonth connected a precocious note.

Unfortunately, the 3 days earlier Christmas Day saw terms stagnation, with Bitcoin moving successful a choky scope betwixt $16,585 and $16,940 implicit this period. Likewise, Dec. 25 resulted successful a level 0.8%, oregon $136, downside plaything successful the regular candle earlier closing supra the regular debased astatine $16,830.

Since then, the starring cryptocurrency has dropped further, with $16,480 providing section enactment connected Dec. 28.

With that, the failed Santa rally is rapidly processing into an progressively improbable end-of-year high. But what mightiness 2023 hold?

Source: BTCUSDT connected TradingView.com

Bitcoin to retrieve successful 2023?

For Bitcoin and cryptocurrency investors, 2022 was a humbling acquisition for galore reasons.

Documenting Bitcoin’s quarterly terms performance, @esatoshiclub pointed retired 2022 was the worst twelvemonth since 2018.

A reappraisal of the information shows each 4 quarters successful 2022 posting losses, which is an lawsuit that has ne'er happened before. Similarly, Q2 2022 had the astir important percent nonaccomplishment connected record.

Source: @esatoshiclub connected TradingView.com

“#Bitcoin terms looks prepared to adjacent 2022 down astir 70% – its worst twelvemonth since the crypto clang of 2018.”

Summing up the year, a emblematic effect among believers is that the marketplace has reached stone bottom, and things tin lone get better. For example, commenting connected the existent authorities of affairs, @rovercrc said, “2023 can’t beryllium overmuch worse…”

To rouse spirits, @GameofTrades_ pointed retired that “Bitcoin has ne'er seen back-to-back reddish years successful its history.” Thus, based connected past data, 2023 volition apt adjacent supra the approximate $17,000 mark.

Source: @GameofTrades_ connected Twitter.com

However, considering 2022 was the archetypal twelvemonth with each 4 quarters successful the red, we are reminded that past information is nary warrant of aboriginal performance. Especially arsenic the macro scenery remains uncertain going into the caller year.

The station Bitcoin investors look to 2023 aft disappointment of Santa rally that ne'er was appeared archetypal connected CryptoSlate.