As the end of the week has come, the market seems to be holding in the green area. Although, two of the top-ten coins are already reversing – XRP (-0.45 percent) and Tether (-0.38 percent) at the time of writing.
The market favourite today seems to be BCH, adding 44.75 percent over the last 24 hours. With the current market cap of $3 819 403 178, it is now trading at $217.97. It is closely followed by BCH SV, which rose by 34.71 percent, now sitting at $127.16.
EOS has gained only 0.46 percent. Litecoin, Stellar and Bitcoin have gained under 3 percent each, with BTC trading at $4 082.27.
Overall, Twitter shows that prominent crypto traders are feeling positive, calling the current bullish rally a Christmas break granted by bears. Joseph Young, a U.Today contributing author, is one of them.
I guess even the bears thought complete decimation in crypto market during Christmas season is too brutal. Market seeing some breathing room. Will likely continue to see wild volatility.— Joseph Young (@iamjosephyoung) December 21, 2018
Chart below shows weekly performance of cryptocurrencies above $100m in market cap pic.twitter.com/wiMLDImhAr
The Crypto Dog, it seems, expects the Bitcoin rally to keep going.
Good morning people of Great Britain are you ready to pump Bitcoin again? pic.twitter.com/zLhxSk2Vnm— The Crypto Dog📈 (@TheCryptoDog) December 21, 2018
However, veteran technical trader Peter Brandt believes that the market might be in for a reversal as soon as people all over the planet stop curing their New Year hangover.
He believes that even if Bitcoin goes anywhere higher, like $4,600 at a push, this would be a ‘dead cat bounce’, far from a real reversal to an actual upward trend.
Brandt adds that if Bitcoin drops below $3,000, the likely bottom would be waiting at the $1,200 level, similarly to the situation in 2013 – and all this can happen by the end of Q1 of the new 2019 year.