Bitcoin Price Struggling to Return to $8K; Will Santa Come to Bitcoin's Rescue?

Siamak Masnavi

Since November 21, Bitcoin has been trading below $8,000, gradually moving closer and closer to the $7,000 level. One question that many trader have is "are we going to see a Santa Claus rally this year?".

Here is the one-month BTC-USDprice chart from CryptoCompare:

BTC-USD - One Month Chart - 11 Dec 2019.png

8 is considered the luckiest number (in the range 0 to 9) in Chinese culture, but given the Chinese's government's current negative stance on cryptocurrencies, it seems highly unlikely that Bitcoin will be lucky enough to get any help from China in getting to the $8,000 level by the end of this year.

So, what are some other potential positive catalysts that could help to push up the Bitcoin price?

Here are a few possibilities:

  • A major retailer (such as Amazon) announces support for Bitcoin.
  • A major world government announces a more crypto-friendly approach to regulating crypto.
  • A highly respected person/organization in the crypto/financial space makes a new sound argument for why Bitcoin will be trading above $8,000 in the near/medium future.
  • A major institutional investor (such as a large hedge fund) expresses interest in Bitcoin.
  • A major brokerage service (such as Charles Schwab) or investment bank says that it will support direct trading of Bitcoin for its clients.

Therefore, those of you who still believe in the magic of Christmas might want to start wishing for one of the aforementioned events to happen!

Featured Image Credit: Photo via Pixabay.com