A widely followed crypto strategist predicts that the upcoming Christmas holiday will bring a Bitcoin (BTC) rally.
The pseudonymous analyst Kaleo tells are 552,400 Twitter followers that a celebratory rally is in store for the king crypto as no one expects it as the hash rate remains high.
“Christmas gathering [season] starting soon.”
He say since the majority of sentiment predicts a collapse, the opposite is likely to happen.
“My entire timeline is poised for a complete collapse to a lower range. If the majority of the timeline agrees on something, they are usually wrong.”
He say Bitcoin is going to “continue the grind to $17,500, then accelerate and start the squeeze to $18,500.”
Kalei say Bitcoin shows strength in a closely followed indicator, the hash rate. He says the hash rate has remained high despite Bitcoin changing hands below $20,000 since the FTX collapse.
“One of the most impressive charts out there is Bitcoin hash rate. After more than a month of BTC trading below $20,000, there is still no real capitulation for miners.”
The hash rate measures the processing power of the Bitcoin network as the speed at which a miner completes an operation. A higher hash rate indicates a stronger network and better security.
He does ask how long the hash rate can stay at such a strong level.
“The indicator below paints a general picture of BTC price versus miner production costs. Obviously there are a lot of variables here and certain miners may have significantly lower average costs, but it does make you wonder how long until we see someone capitulate.
However, other closely followed crypto analysts have said that Bitcoin is likely to collapse in price.
Capo, the crypto analyst who accurately named the market’s last major collapse, tells his 690,000 Twitter followers that Bitcoin will collapse to around $12,000.
At the time of writing, Bitcoin is changing hands at $16,835.
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