Bitcoin here today soared above $51K as the world goes into celebrating Christmas. The whole crypto market has turned green after weeks of bearish signals. The analysts believe that the sudden spike in prices is due to the Santa Rally that has been seen historically and signals a long term recovery into 2022.
There Is one day left for Christmas and Santa brings good news for the crypto investors as the Bitcoin breaches a strong resistance of $51K taking the whole crypto market to the North with it. Almost all the top altcoins have turned green after weeks of down trend. At the time of Writing Bitcoin is trading around $51,100 with a 5.48% rise in 24 hours. Ethereum on the other hand has also crossed the 4K mark and is trading around $4,100 a 3.5% rise in 24 hours.
Various altcoins such as Polygon, Luna and AVAX have already been on the rise and touched their all time highs. The market sentiment has turned less fearful from the last week where people had extreme fear. Thus, it is a positive sign and signals a path towards correction into early 2022. Though some analysts believe that this spike is just due to the Santa Rally and before entering into a bull run we are gonna see another correction in the coming days.
As there are uncertainties in the market at the moment experts suggest looking out for Bitcoin’s price to break the $53.5K mark and staying above for some days to make sure that the period of correction is over and we will then be moving in an uptrend
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
Photo by- Ewan bedanken on Pexels