Bitcoin on December 26th seemed to be a market reaction to the fake TradingView chart data.
The apparent market error killed Bitcoin’s rise
Bitcoin BTC prices quickly fell to $95,569, down 4%, ending the Christmas trading environment, according to data from Cointelegraph Markets Pro.
Bitcoin fell to $95,000 as social media users reported the negative trend on TradingView’s Bitcoin chart. This shows that Bitcoin’s share of the cryptocurrency market cap has dropped to 0%. The error was later corrected, and is believed to have been the result of a knee-jerk reaction to the trading, sending BTC/USD lower.
– So, there was a TradingView error around BTC’s power, causing people to panic buy? Is everyone dumping TradingView now? wrote trader Satoshi Flipper on X.
Data from tracking source CoinGlass shows that $33 million in BTC longs have been liquidated in the past four hours at the time of writing.
Bitcoin’s market cap has been the subject of increasing concern among traders in recent weeks as altcoins have struggled to maintain new highs. The dominance reached 61.5% in mid-November before the reversal and the expectation of a “different year”.
– BTC’s dominance reached the point of destruction in 2021 and was rejected, – concluded the trading account Aqua in its latest analysis for X.
“I think BTC’s dominance has reached the point where ALTs will start to outperform BTC in the coming months. Finally, we will see the real ALT moment.”
Trader, analyst and investor Michaël van de Poppe compares the strength of altcoins to the dot-com bubble of the early 2000s.
– Altcoin prices are still low. The total market cap is just $1.5T. “Dot.com is in a $10-15T bubble,” he said in a Christmas Day post.
“This is a sound assessment for the highs over the next few years, and it wouldn’t be surprising to see a 20-50x increase by 2025.”
Bitcoin Expects ‘Big Break’ in Q1 2025
Despite the volatility, market players remain bullish on the short-term outlook.
Bitcoin and cryptocurrency investor Eljaboom is one of them, predicting that Bitcoin prices will continue to rise after the new year.
“$BTC is poised for its next bull run,” he told X-Fans as he added a two-week chart. – The chart has just formed a candlestick pattern on increasing volume, right next to the lower end of the bullish pattern. This behavior indicates an imminent breakout – marked as part of the X-bar.
” If so, the gauge could move the speaker to $110,000 to $130,000 by the end of January, with $120,000 looking like a realistic target. The consolidation here is solid”
