The run-up to Christmas was full of hope for a Santa rally that will shut the yr on a excessive word.

Sadly, the three days earlier than Christmas Day noticed worth stagnation, with Bitcoin shifting in a decent vary between $16,585 and $16,940 over this era. Likewise, Dec. 25 resulted in a flat 0.8%, or $136, draw back swing within the each day candle earlier than closing above the each day low at $16,830.

Since then, the main cryptocurrency has dropped additional, with $16,480 offering native help on Dec. 28.

With that, the failed Santa rally is quickly growing into an more and more unlikely end-of-year excessive. However what would possibly 2023 maintain?

Bitcoin to get well in 2023?

For Bitcoin and cryptocurrency buyers, 2022 was a humbling expertise for a lot of causes.

Documenting Bitcoin’s quarterly worth efficiency, @esatoshiclub identified 2022 was the worst yr since 2018.

A overview of the information exhibits all 4 quarters in 2022 posting losses, which is an occasion that has by no means occurred earlier than. Equally, Q2 2022 had essentially the most vital proportion loss on document.

“#Bitcoin worth seems ready to shut 2022 down practically 70% – its worst yr because the crypto crash of 2018.”

Summing up the yr, a typical response amongst believers is that the market has reached all-time low, and issues can solely get higher. For instance, commenting on the present state of affairs, @rovercrc mentioned, “2023 can’t be a lot worse…”

To evoke spirits, @GameofTrades_ identified that “Bitcoin has by no means seen back-to-back pink years in its historical past.” Thus, primarily based on previous information, 2023 will doubtless shut above the approximate $17,000 mark.

Nevertheless, contemplating 2022 was the primary yr with all 4 quarters within the pink, we’re reminded that previous information isn’t any assure of future efficiency. Particularly because the macro panorama stays unsure going into the brand new yr.