Although so far we have not seen the "Santa Claus" rally that some crypto investors were hoping for, Bitcoin still managed to go up over 5% in value during the last weekend before Christmas.
According to data from CryptoCompare, Bitcoin started the weekend (21–22 December) at $7,193, and it stayed below $7,200 during most of the weekend.
However, around 15:00 UTC on Sunday (December 22), Bitcoin started making a move to above the $7,200 level, and by the end of the day, the Bitcoin price had risen over 5%, reaching $7,582.
As Jameson Lopp, CTO at crypto startup Casa, pointed out over the weekend, Bitcoin "isn't ready for mainstream adoption":
There are many reasons why Bitcoin isn't ready for mainstream adoption; development is ongoing. On the bright side, if you are reading this then you are (or still have the opportunity to be) an early adopter.— Jameson Lopp (@lopp) December 22, 2019
Still, when it comes to cryptocurrencies, there are many in the crypto space who shares the view expressed by Thomas Lee (a Managing Partner and Head of Research at independent research boutique Fundstrat Global Advisors) last week on CNBC's "Fast Money" show. Lee said that in 2020, the "easiest way to make money in crypto is going to be a position in Bitcoin":
As for how to trade Bitcoin in the short term, crypto analyst/trader Josh Rager had this advice to offer earlier today:
People flip from $3k targets to $10k targets in less than 48 hrs— Josh Rager 📈 (@Josh_Rager) December 23, 2019
Keep it simple
Trade it level by level, as everything else is just short-term speculation
Featured Image Credit: Photo via Pixabay.com