Bitcoin investors expect BTC to rally in the first week of 2022 after falling to a new low for the year.
Bitcoin is facing a massive bullish resistance after returning above $52,100 on December 27 and reaching $46,643 today.
Although Bitcoin is currently down 17.76% in December, some crypto analysts see a positive opportunity.
According to Alex Kruger, citing historical data, “BTC tends to do well in the first week of the year. And yet, expect crypto markets to be driven by massive inflows in early January. Then look at the performance ahead of the FOMC meeting on Jan. 26.”
Glassnode’s on-chain analysis has revealed that medium-term Bitcoin holders are still making big profits despite the recent declines. If you haven’t touched Bitcoin in over a year, you’ve already made more than 56% profit.