As Santa Claus rally hopes rises, Bitcoin correction is weakest in 2021.

Bitcoin has fallen only 17% from ATH, making this correction the most shallow of the year.
The most recent correction in September was the second deepest, reaching 37% from April’s ATH. The September correction was the second-deepest, at 37% from April’s ATH. Glassnode, an analytics provider, stated that this correction is “business as usual for Bitcoin hodlers”, hinting that it may soon end. The market correction in the current market is “actually the mildest in 2021,” it said. This is despite the possibility of a stock market crash due to the Omicron variation situation getting worse. Some believe we are on track for a Santa Claus rally. It is a term that describes price increases in the stock market over the last 5 trading days of December and the first 2 trading day in January. However, it has been used in crypto markets before and indicates that we may be on track for a Santa Claus rally. Both were in bull markets such as today. BTC was trading at just above $57K at the time of writing. A Santa Claus rally similar last year could see prices rise to $80K before the end of the year. 8848 Invest co-founder Nikita Rudenia is also confident about a Santa Claus rally commenting:”Despite the obvious setbacks thus far, Bitcoin is still on track to close the year at $70,000 per coin and, should this feat be achieved, we may see the coin touch $75,000 in early 2022 before we get a major correction.”Interestingly Ether is currently outperforming. According to CoinGecko, the ETH/BTC ratio has reached 0.082 BTC/ETH or 12 ETH/ETH. This is the highest ratio since May. This could lead to further price gains for ETH in December. Glassnode reports that the percentage of short-term holders holding profitable supply has increased by 60% in September. This combination is usually a positive combination in bull market conditions. The hope of a Santa Clause rally is growing, therefore. This is due to many factors, including holiday cheer and increased liquidity from Christmas bonuses. However, if the Omicron variant has a significant impact on global financial markets or if more lockdowns are imposed or seem likely to be implemented, it could cause a slowdown in the Santa Clause rally. According to Nasdaq investors may remain on the sidelines until more information about the new virus strain is available. Bitcoin traded at $18,857 last year.

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