{"id":559398,"date":"2023-11-06T21:00:41","date_gmt":"2023-11-06T21:00:41","guid":{"rendered":"https:\/\/uniquehot.com\/?p=559398"},"modified":"2023-11-06T17:43:41","modified_gmt":"2023-11-06T17:43:41","slug":"crypto-forecast-analyst-predicts-santa-claus-squeeze","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-forecast-analyst-predicts-santa-claus-squeeze\/","title":{"rendered":"Crypto Forecast: Analyst Predicts ‘Santa Claus Squeeze’ May Deliver Year-End Gains"},"content":{"rendered":"

Markus Thielen, the Head of Crypto Research and Strategy at Matrixport, has hinted<\/a> at a potential pre-Christmas rally with Bitcoin leading the charge. <\/span><\/p>\n

This anticipation comes amid a backdrop of macroeconomic shifts that could set the stage for a significant surge in crypto prices, which Thielen describes as the “Santa Claus squeeze.”<\/span><\/p>\n

Thielen’s analysis is rooted in recent market movements where some altcoins began to outperform Bitcoin, suggesting a momentum build-up that could translate into substantial gains.<\/span><\/p>\n

Related Reading: Bitcoin\u2019s Price Tide: Could ASIC Miner Values Signal An Approaching Crypto Surge?<\/a><\/div>\n

Macroeconomic Indicators Fueling Crypto Optimism<\/span><\/h2>\n

This concept of a “Santa Claus squeeze” in the crypto market, a term coined to describe the seasonal rally often seen in equity markets, is not new. Thielen, in his Deribit Insights report, noted that Bitcoin has historically seen an average rally of 23% during the festive months of November<\/a> and December. <\/span><\/p>\n

This trend, coupled with last week’s performance where alternative cryptocurrencies gained an edge over Bitcoin, lends credibility<\/a> to the forecast of a year-end rally, according to\u00a0the Head of Crypto Research and Strategy at Matrixport.<\/span><\/p>\n

Notably, the potential for a “Santa Claus squeeze” is underpinned by several macroeconomic indicators that Thielen has identified. Thielen points to a trio of events that collectively signal an interest rate peak, setting a conducive stage for risk assets like cryptocurrencies. <\/span><\/p>\n

The US Treasury’s pivot towards “slowing the pace of issuing longer-dated debt” is the first sign Thielen identified, \u00a0implying expectations for a decline in interest rates, which historically benefit growth assets such as tech stocks and, by extension, digital currencies.<\/span><\/p>\n

Adding to the mix is Federal Reserve Chair Jerome Powell’s “dovish” tone at the post-FOMC meeting press conference<\/a>. His statements have been interpreted as a potential halt in rate hikes, with the possibility of cuts in 2024, bringing a dose of positiveness into the markets.<\/span><\/p>\n

For context, during the conference, Fed Chair Jerome Powell discussed the balanced nature of inflation risks, referencing the term “symmetric” twice, which suggested a tone of accomplishment in the Federal Reserve’s efforts to reduce inflation. Additionally, Powell expressed his view that a recession is not on the horizon.<\/span><\/p>\n

Furthermore, a less-than-stellar US nonfarm payroll reported last Friday suggests a “weakening labor market,” according to Thielen, reducing the chances of aggressive rate hikes in the future.<\/span><\/p>\n

Bitcoin And Ethereum: A Potential Rally In Sight?<\/span><\/h2>\n

Drawing parallels with the past, Thielen recalled Bitcoin’s response at the end of the last Fed rate hike cycle in January 2019, which saw the cryptocurrency’s price rally by approximately 400%. <\/span><\/p>\n

While Thielen tempers expectations for a repeat of such dramatic gains, the Head of Crypto Research and Strategy at Matrixport anticipates that Bitcoin and some other altcoins the analyst<\/a> calls “higher beta crypto assets” could see considerable growth in the coming years. <\/span><\/p>\n

The Head of Crypto Research and Strategy at Matrixport backed this bullish outlook<\/a> further by the potential approval of a BlackRock spot Bitcoin ETF, which could act as a catalyst for a more widespread crypto rally.<\/span><\/p>\n

Thielen’s observations extend beyond Bitcoin in another report<\/a>. He notes the Ethereum ecosystem’s nascent signs of recovery, evidenced by increasing revenues and ETH’s resilience in holding the crucial support level of $1,550. <\/span><\/p>\n

The analyst also noted the outshining of Ethereum<\/a> and other altcoins over Bitcoin, a shift reflected in their growing market dominance and trading volumes. The perpetual futures funding rate for both Bitcoin and Ethereum is also on the rise, mirroring a more confident stance among traders.<\/span><\/p>\n

Related Reading: Can The ADA Price Climb Above $20 In The Bull Market? Analyst Provides Answers<\/a><\/div>\n

So far, Bitcoin is only up 1.3% in the past week and 0.3% in the past day, while Ethereum has recorded a higher gain of 5% in the past 7 days and 1% over the past 24 hours. BTC currently trades at $34,987 and ETH \u00a0at $1,897 at the time of writing.<\/p>\n

\"Bitcoin
Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Markus Thielen, the Head of Crypto Research and Strategy at Matrixport, has hinted at a potential pre-Christmas rally with Bitcoin leading the charge. This anticipation comes amid a backdrop of macroeconomic shifts that could set the stage for a significant surge in crypto prices, which Thielen describes as the “Santa Claus squeeze.” Thielen’s analysis is rooted in recent market movements where some altcoins began to outperform Bitcoin, suggesting a momentum build-up that could translate into substantial gains. Related Reading: Bitcoin\u2019s Price Tide: Could ASIC Miner Values Signal An Approaching Crypto Surge? Macroeconomic Indicators Fueling Crypto Optimism This concept of a “Santa Claus squeeze” in the crypto market, a term coined to describe the seasonal rally often seen in equity markets, is not new. Thielen, in his Deribit Insights report, noted that Bitcoin has historically seen an average rally of 23% during the festive months of November and December. This trend, coupled with last week’s performance where alternative cryptocurrencies gained an edge over Bitcoin, lends credibility to the forecast of a year-end rally, according to\u00a0the Head of Crypto Research and Strategy at Matrixport. Notably, the potential for a “Santa Claus squeeze” is underpinned by several macroeconomic indicators that Thielen has identified. Thielen points to a trio of events that collectively signal an interest rate peak, setting a conducive stage for risk assets like cryptocurrencies. The US Treasury’s pivot towards “slowing the pace of issuing longer-dated debt” is the first sign Thielen identified, \u00a0implying expectations for a decline in interest rates, which historically benefit growth assets such as tech stocks and, by extension, digital currencies. Adding to the mix is Federal Reserve Chair Jerome Powell’s “dovish” tone at the post-FOMC meeting press conference. His statements have been interpreted as a potential halt in rate hikes, with the possibility of cuts in 2024, bringing a dose of positiveness into the markets. For context, during the conference, Fed Chair Jerome Powell discussed the balanced nature of inflation risks, referencing the term “symmetric” twice, which suggested a tone of accomplishment in the Federal Reserve’s efforts to reduce inflation. Additionally, Powell expressed his view that a recession is not on the horizon. Furthermore, a less-than-stellar US nonfarm payroll reported last Friday suggests a “weakening labor market,” according to Thielen, reducing the chances of aggressive rate hikes in the future. Bitcoin And Ethereum: A Potential Rally In Sight? Drawing parallels with the past, Thielen recalled Bitcoin’s response at the end of the last Fed rate hike cycle in January 2019, which saw the cryptocurrency’s price rally by approximately 400%. While Thielen tempers expectations for a repeat of such dramatic gains, the Head of Crypto Research and Strategy at Matrixport anticipates that Bitcoin and some other altcoins the analyst calls “higher beta crypto assets” could see considerable growth in the coming years. The Head of Crypto Research and Strategy at Matrixport backed this bullish outlook further by the potential approval of a BlackRock spot Bitcoin ETF, which could act as a catalyst for a more widespread crypto rally. Thielen’s observations extend beyond Bitcoin in another report. He notes the Ethereum ecosystem’s nascent signs of recovery, evidenced by increasing revenues and ETH’s resilience in holding the crucial support level of $1,550. The analyst also noted the outshining of Ethereum and other altcoins over Bitcoin, a shift reflected in their growing market dominance and trading volumes. The perpetual futures funding rate for both Bitcoin and Ethereum is also on the rise, mirroring a more confident stance among traders. Related Reading: Can The ADA Price Climb Above $20 In The Bull Market? Analyst Provides Answers So far, Bitcoin is only up 1.3% in the past week and 0.3% in the past day, while Ethereum has recorded a higher gain of 5% in the past 7 days and 1% over the past 24 hours. BTC currently trades at $34,987 and ETH \u00a0at $1,897 at the time of writing. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":559401,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,428,1119,6664,1946],"class_list":["post-559398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-bitcoin","tag-btc","tag-crypto","tag-ethereum"],"acf":[],"yoast_head":"\nCrypto Forecast: Analyst Predicts 'Santa Claus Squeeze' May Deliver Year-End Gains<\/title>\n<meta name=\"description\" content=\"As the holiday season approaches, the crypto market might just find itself on the receiving end of some festive cheer. 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Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Crypto Forecast: Analyst Predicts 'Santa Claus Squeeze' May Deliver Year-End Gains","description":"As the holiday season approaches, the crypto market might just find itself on the receiving end of some festive cheer. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Forecast: Analyst Predicts ‘Santa Claus Squeeze’ May Deliver Year-End Gains","url":"http:\/\/uniquehot.com\/news\/crypto-forecast-analyst-predicts-santa-claus-squeeze\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/crypto-forecast-analyst-predicts-santa-claus-squeeze\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Crypto-Forecast-Analyst-Predicts-Santa-Claus-Squeeze.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Crypto-Forecast-Analyst-Predicts-Santa-Claus-Squeeze.jpg?fit=460%2C375"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","bitcoin","btc","crypto","ethereum"],"dateCreated":"2023-11-06T21:00:41Z","datePublished":"2023-11-06T21:00:41Z","dateModified":"2023-11-06T21:00:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Forecast: Analyst Predicts ‘Santa Claus Squeeze’ May Deliver Year-End Gains\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-forecast-analyst-predicts-santa-claus-squeeze\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-forecast-analyst-predicts-santa-claus-squeeze\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Crypto-Forecast-Analyst-Predicts-Santa-Claus-Squeeze.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Crypto-Forecast-Analyst-Predicts-Santa-Claus-Squeeze.jpg?fit=460%2C375\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"bitcoin\",\"btc\",\"crypto\",\"ethereum\"],\"dateCreated\":\"2023-11-06T21:00:41Z\",\"datePublished\":\"2023-11-06T21:00:41Z\",\"dateModified\":\"2023-11-06T21:00:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Crypto-Forecast-Analyst-Predicts-Santa-Claus-Squeeze.jpg?fit=460%2C375","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/559398"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=559398"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/559398\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/559401"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=559398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=559398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=559398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}