Another year, another Crypto Christmas special for our team at NewsBTC. In the coming week, we’ll be unpacking 2023, its downs and ups, to reveal what the next months could bring for crypto and DeFi investors.
Like last year, we paid homage to Charles Dicke’s classic “A Christmas Carol” and gathered a group of experts to discuss the crypto market’s past, present, and future. In that way, our readers might discover clues that will allow them to transverse 2024 and its potential trends.
Crypto Christmas: What’s Behind The Bitcoin Rally, And Which Coin Has The Most Potential?
Since 2022, the team at JLabs Digital has been expanding as they bring in new analysts, educational tools, and new ways to share their insights. Last year, we spoke to one of its founders, Ben Lilly, who was betting on crypto becoming “better” and more mature due to the lessons left by the fall of FTX and others.
JJ walked us through the differences between this rally and previous years, the most undervalued coin in the sector, the potential twists in the market, and more.
Q: In light of the prolonged bearish trends observed in 2022 and 2023, how do these periods compare to previous downturns in severity and impact? With Bitcoin now crossing the $40,000 threshold, does this signify a conclusive end to the bear market, or are there potential market twists investors should brace for?
JJ:
So with Bitcoin now crossing over the $40,000 threshold, does this signify a conclusive end to the bear market (…) I’m leaning towards the twist portion of that. I think most of this rally was really driven by disbelief and people shorting it to each pump, especially as we neared $30K, there was just a huge washout of shorts that had ated over the past year between options and derivatives. So that forced buying is really what set us up over $40,000 in my opinion. So now to sustain this, there’s going to have to be continued spot buying to see the price above, say $48,000 to $52,000.
I think it’s possible we get up to that range, but I don’t think we’re just going to get to that range and keep ripping. I think sooner or later we’re going to come back down and retest that $30,000…
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