After a difficult year that was primarily characterized by bearish conditions, Bitcoin (BTC) is continuing its sideways trading pattern as 2022 draws to a close. Although Bitcoin has been consolidating, the asset price movement is in line with a historical trend that may provide support for the flagship cryptocurrency to hit new highs.
Vince Prince, a well-known cryptocurrency analyst from TradingView, noted that Bitcoin had created the “Merry Christmas Cycle” in 2022, a pattern that had developed over the previous three Christmases.
According to Vince’s analysis, the cycle shows that Bitcoin always reaches historic highs around Christmas. He added that each year on Christmas Eve, Bitcoin formed a number of new all-time highs.
With Bitcoin’s current price ranking among the yearly lows, analysts claim that, according to the cycle, the first cryptocurrency has always produced new bottoms that conclude the bear market and begin the next Christmas Cycle.
Indeed, if the current trend continues, Bitcoin will likely reach $1.8 million by Christmas 2026. If the price target is met, Bitcoin will increase by approximately 10,614% from its current price.
