Bitcoin battles bears ‘on offense’ as Christmas delivers a $50K BTC gift

Bitcoin (BTC), which was held $50,000 at Dec. 25, as BTC bulls escaped an unexpected Christmas Day surprise.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Short term, “Bears become Bulls”

Cointelegraph Markets Pro and TradingView data showed that Bitcoin/USD maintained $50,000 support through the weekend. It had ranged after local highs of $51,500.

As the holiday season began, the pair was calm. However, there was still less liquidity and volatile price movements.

Most traders and analysts took a break from analysis and trading, so the closest target to the upside was the $53,000 market cap level of $1 trillion.

Pentoshi, a popular trader, believes that sellers could be driving down BTC/USD liquidity to $46,000. Then, they would then buy back in to make a rebound.

“Right now, beras on offense. They bring price down to 46k, but there was plenty of resting liquidity. This stops price from moving. He offered a forecast: “They begin to close shorts, and then buy some spot back.”

“Bears are bulls for short-term like me.”

BTC/USD scenario chart. Source: Pentoshi/ Twitter

Further, the yearly close is still not a major topic, with Bitcoin still up $21,000 compared to the beginning of 2021.

The $100,000 average halving cycle is not dead yet

PlanB was the inventor of stock-to-flow models, including taking stock at the end.

Related: Did you miss out on the best crypto stocks for 2021? Data shows that it cost just $80 to buy Bitcoin and Ethereum.

The popular analyst, who was criticized for misinterpreting Twitter comments, said that Bitcoin was still adhering to his predictions this month.

Cointelegraph reported that stock-to-flow’s parameters allow for significant flexibility when it comes to spot prices, but this is still of value to PlanB, and other investors.

Ad2 – S2F Model intact The key is that BTC $51K remains within the 1 standard deviation range of S2F (roughly $50K-$200K; see chart). S2F model will still be valid and useful if BTC remains within the 1sd band for 2.5 years. You should always make your own call. pic.twitter.com/cFpRdewUJ5
— December 24, 2021, PlanB (@100trillionUSD).

Although $135,000 was not the average price for this halving cycle, it is still a projection from the recently invalidated floor model.

https://cointelegraph.com/news/bitcoin-battles-bears-on-offense-as-christmas-delivers-a-50k-btc-gift