Lead analyst at Swyftx Pav Gundal continues to believe in a Christmas bull run despite the recent crash of many cryptocurrencies.
On December 19, the price of Bitcoin, Ethereum, XRP (XRP), BNB (BNB) and many other leading digital assets by market capitalization fell sharply. As a result of the bearish trend, open positions worth over $1 billion were liquidated, with longs accounting for $856.7 million.
Pav did not say why exactly traders were sad. It can be assumed that the reason for the emergence of a despondent mood was the statement by US Federal Reserve Chairman Jerome Powell, who ruled out the possibility of buying bitcoins with budget funds. The cryptocurrency market could also be negatively affected by the 0.25% reduction in the key rate to 4.25-4.5%
However, Gundal remains optimistic and believes that the Santa Claus pump could start closer to Catholic Christmas, which will be celebrated on December 25. His positive forecast is based on the belief that the digital asset market will attract capital ahead of Donald Trump's inauguration, scheduled for January 20, 2025.
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