Here comes the Santa Claus rally for Bitcoin!
The president of Coinbase says the rally in bitcoin is not surprising and should continue well into next year.
Asiff Hirji is the President of U.S. crypto exchange Coinbase, and he thinks we have finally rounded the corner in this latest bitcoin bear market.
Specifically he said the current recovery is not surprising and the run should continue into the next year.
Saying that the real price tends to be somewhere in between the bullish and bearish extremes:
"The bitcoin market tends to go beyond its fundamentals. Things are never as good as they seem and never as bad as they seem.”
(Source: https://www.ccn.com/its-not-surprising-the-market-is-recovering-says-coinbase-president-asiff-hirji/)
Here comes Santa Claus!
Even more specifically, we may be on the verge of a very Merry Christmas for bitcoin and crypto investors:
People are funny, they should want this thing to tank even more and stay down for a while, that way they’re able to buy more than a few dollars worth of coins...
Xmas coming early? 😂👍😂
Hopefully.
Does this mean you bought more?
yes I've been buying consistently over the past 6 weeks
I like it. If steem can get through the dark period it currently finds itself in, anyone buying in the $.20's is likely to see significant returns on their money in the next year or two.
He also said that institutions have been lining up to use their custodial services which is a great indication of demand coming online...
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Yep. I was curious how much actual demand there was for coinbase's institutional products. He seems to imply there is significant demand.
Dead cat until bakkt 24 Jan dump till 2500
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Could be. Prices tend to reflect news events well before they actually happen.
Well xo xo buy more crypto?? People say a lot about crypto lately, I have seen like a inflation of news, but the reality you should only trust your combination or information vs instinct and never forget to take it easy either way :)
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Never invest more than you can afford to lose!
Waiting for that bottom 😬
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You think it's in?
I hadn't heard that term before, "Santa Claus rally", but small players are probably buying themselves some crypto for Christmas. I know it's what I asked everyone for that would wanna buy me a Christmas gift. Sadly I doubt any of them would know how to buy crypto and they probably wouldn't even try.
BTC hit the top of the bollinger bands...but it looks like it might ride along that top. So, it could be on it's way back up. Or it could pull back a bit. In either case, I think BTC is finally at a point where I myself would invest in it, even though I prefer other cryptos. I personally wanna buy some LTC, since I often use it to actually buy things with crypto. It's at a point where I feel it's a great investment.
Note: Everyone is responsible for their own investments. I am just stating my opinions.
It's a term that is mentioned quite a lot in the equity markets. It came about due to a noticeable trend where stock prices tend to do well the last 2 weeks of the year. Right around Christmas. It has affectionately become known as the "Santa Claus Rally".
Yeah, I saw it on the news just after your post. I guess I never registered it in my mind, since I never followed stocks much.
Hopefully he is on the way!
A solid bull run is the only thing that can bring the bear out of hibernation this winter. Great post!
I think we would like to see the bear go back in hibernation personally. He has been showing his teeth most of this year!