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„‚Father Christmas rally‘ in full swing: Bitcoin close to $28,000

The so-called „Father Christmas Rally“ is in full swing, with bitcoin hitting a new all-time high this week.

On Sunday, December 27, BTC soared in value to $27,845. In the last 24 hours, the capitalization of the largest digital currency rose 12.9% to $513.017 billion.

Altcoins have performed much less well in the past 24 hours. Ether (ETH) rose to $650, lightcoin (LTC), Cardano (ADA) and Binance Coin (BNB) rose to $134, $0.157 and $33.4 respectively. The crypto market had a capitalisation of just over $729.205bn at the time of publication of this review.

One trader tweeted that bitcoin was approaching its peak. The rally is running out of steam, we are likely to see a 30% drop in BTC over the next 4-5 weeks.

The analyst predicts that the market correction will lead to a pullback to $19-20,000. An alarming signal has been the shortening of the coin’s consolidation and upswing period.

The WhaleMap team, which tracks the behaviour of big players, concluded that „whales“ were buying bitcoins at $19,000. It was this factor that was one of the key drivers of the December run. Analysts have pointed to several key support areas for BTC in the event of a return of a negative trend.

Many observers do not rule out a scenario in which bitcoin could test above $30,000 in the next two to three days.

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