BTC has seen many price corrections during December in 2021, as well as other altcoins, where the crypto market was unstable at the same period of time. However, the market is flooding with optimistic sentiments for Bitcoin prices these days of the new year. Read more [Both Bitcoin, Ethereum Recover From The Latest Loss] and [Bitcoin Went Down To $47K In a Day After a $300M Liquidation].
A very popular cryptocurrency trader and strategist says that he is optimistic on BTC as the beginning of 2022. The same crypto strategist spotted the light on two main key catalysts which may fire the price of BTC to surge rapidly.
In addition, Kevin Svenson, another crypto strategist, stated that the king of cryptocurrencies BTC, is about to surge, as he believes that the sell-side pressure might witness a sharp decline.
“Tax harvesting is finished. Forced exchange selling in China finished. Selling pressure is about to be reduced by 10 fold. Bitcoin recovery is underway.”
Svenson also believes that traders who suffered and witnessed losses during the end of the last year, may start to sell what they have of BTC in order to shrink or reduce their taxes bill. Adding that the “tax harvesting” finished by the end of the last year on Dec 31st, mentioning that this could reduce the selling pressure.
As for the forced China selling, He mentioned the Bitcoin supply which is coming from Hong-Kong-based crypto exchange Huobi users. Also Svenson mentioned lastly that the selling pressure from converting cryptocurrencies to fiat currencies in china, will be gone very soon.