'Santa Rally' Could Propel Bitcoin to $56K by Year-End, Matrixport Says
Bitcoin could rise to $56,000 by Dec. 31, in line with its record of maintaining bullish momentum in final months of the year.
One of the most famous sayings on Wall Street is that a bull market tends to stay in motion unless an external force acts upon it. Bitcoin (BTC) has historically lived up to the adage modeled along Sir Isaac Newton’s third law of motion and could do so again, rising as high as $56,000 by the end of the year, according to crypto services provider Matrixport.
“If bitcoin is up at least +100% by this time of the year, then there is a +71% chance or five in seven that bitcoin would finish the year higher with average year-end rallies of +65%," Markus Thielen, head of research and strategy at Matrixport, said in a note to clients on Thursday. “As bitcoin tends to reach its peak by December 18th, we could call the six to seven weeks from early November to mid-December Bitcoin’s Santa Claus Rally.”
