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December crash: Analyst sees Bitcoin crashing to $ 31,000



December hadn't started well for Bitcoin. The price plummeted from over $ 57,000 to under $ 43,000 within 24 hours. Experts also see the black for the end of the year.


Let's believe Justin Kwok, chief analyst at the Bexplus crypto exchange, the Bitcoin price could fall to $ 31,000 and below by the end of the year. Kwok derives this primarily from technical indicators - namely the Moving Average Convergence Divergence (MACD).


Death Cross advises selling off Bitcoin positions

This indicator, visualized with two lines, compares a shorter with a longer average value, showing the difference itself. When the value lines cross, direction matters. If the slower value crosses the faster one coming from above, it is referred to as a death cross. It is a sell signal.


Kwok has only seen a similar death cross in the trend view since the end of April. Back then, the Bitcoin price had fallen from $ 54,331 to $ 29,549 within three weeks of the appearance of the Death Cross. According to Kwok, the current constellation predicts a price decline to around $ 31,000 by the end of December.



In addition to the technical analysis, the Bitcoinist sees three reasons that also speak for a price decline. These are China, Europe and the omicron variant of the coronavirus.


The crypto trading platforms Huobi Global, Binance, MEXC, Bitget, KuCoin and Poloniex, among others, will withdraw completely from China by December 31, 2021. The mining pool F2Pool and the physical mining platform Mclouds will also disappear completely from the Chinese market by then. It is expected that this will have an impact again.


That cannot be dismissed entirely from the hand. After all, Bitcoin had already responded in May with a crash from 63,000 to 30,000 dollars. The reason: China had tightened its pace towards the crypto industry . Uncertainty has recently surfaced in Europe as well. Swedish government agencies had asked the regulators of the European Union to ban the mining of cryptocurrencies. Similar to China, Sweden used the environmental impact of mining as a justification. Should the Swedish approach prevail, a further decline in the share price could be expected.



The Omikron variant of the new Sars-CoV-2 coronavirus is also said to have a significant impact on the crypto market. Concern about the virus could tempt investors to part with the riskier investments. The International Monetary Fund had already expressed the expectation that Omikron could slow the pace of global economic recovery and weaken market confidence.

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