The wider crypto space continues its choppy downward move on Saturday as most of the assets are now down by more than 40 to 50% of their ATH. Notably, Bitcoin and Ethereum have plummeted to their bottom support of $46k and $3.8k respectively. Howbeit, proponents, and analysts across the space are expecting the massive bull rally post-Christmas. Whilst, some argue that the recent sell-off is a consequence of FUD created by Asian countries.
Why Asian Traders Are Selling-off Their Bitcoin?
Newbies in the crypto space appear to be at sea with no proper trade signals. Heavy volatility over the past couple of weeks has doomed Bitcoin price to lose more than $10k of its profits. Howbeit, the flagship asset has been experiencing massive accumulation during European trading hours, in contrast to equivalent sell-off during Asian trading hours.
A crypto research analyst from Glassnode Johannes has shed the light on the same. By sharing recent glass node analytics he confirmed accelerated sell-off in Asian trading hours and increased accumulation by US and UK traders. The last 30 days have seen a brutal sell-off of assets in Asian countries, as most of these nations are engaged in either bringing restriction or a complete ban.
The analyst points out to above FUDs as the likely cause behind the ongoing bear market. Consequently, the primary asset has seen an equivalent accumulation in US and UK timely hours.
However, the interesting part is being as US and UK trading hours are experiencing a gradual rise in accumulation, whilst there has been stepwise declaration in sell-offs during Asian hours.
Bitcoin to rising and Shine Above $60k By Christmas!
A crypto analyst Micheal Van De Poppe is optimistic about the bull rally in the next couple of days. The chart analysis by him highlights a potential breakout from bottom support between $44k to $46k in the next couple of days. If the flagship asset follows the chart, he expects a resistance test around $55k by Christmas. As a whole, his analysis affirms Bitcoin price to surpass $60k by the year’s end.
Collectively, along with protagonists and analysts, the on-chain metric is slowly gearing up for trend reversal. If the asset follows the above metrics, then 2022 Q1 is going to be massive. We might see a similar rally like the one we had in 2021 Q1. However, the next couple of weeks is crucial for Bitcoin price action.