{"id":478576,"date":"2021-12-09T20:30:20","date_gmt":"2021-12-09T20:30:20","guid":{"rendered":"https:\/\/ktsl888.com\/?p=478576"},"modified":"2024-06-11T14:09:41","modified_gmt":"2024-06-11T14:09:41","slug":"why-closing-out-the-year-below-50000-could-be-bad-for-bitcoin","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/why-closing-out-the-year-below-50000-could-be-bad-for-bitcoin\/","title":{"rendered":"Why Closing Out The Year Below $50,000 Could Be Bad For Bitcoin"},"content":{"rendered":"

A lot of predictions had put the price of bitcoin at $100,000 by the end of the year and although there are still some weeks left to go, it does not look like these predictions will come to pass. Bitcoin has however maintained a bullish trend despite price crashes and massive liquidations rocking the digital asset in recent times.<\/p>\n

Since analysts, and the crypto market in general, has been so focused on the bullish future of the asset, there has not been much attention paid to a low for the year. As the end of 2021 rolls around, it is important to not only look at the bullish end-of-year predictions but also how the cryptocurrency might be affected depending on the price bitcoin closes at.<\/p>\n

Related Reading |\u00a0Bitcoin Open Interest Takes Second Largest Dump Of 2021<\/a><\/strong><\/em><\/p>\n

Crypto analyst Justin Bennett addresses this in his latest issue of the weekly newsletter<\/a>. Bennett maps out the outlook for the digital asset, as well as the implications of bitcoin closing out the year below $50,000.<\/p>\n

Options Contracts Becoming Worthless<\/h2>\n

Some of the bitcoin options contracts are set to expire at the end of the year and the profitability of these options contracts depend greatly on what price BTC is when they expire. Since the crash, bitcoin has struggled to maintain its value above $50,000 and this has not been good for the options contracts. Bennett notes that a close below $50,000 would see all of these contracts expire worthless, playing into what he called the \u201cmax pain theory\u201d.<\/p>\n

The crypto analyst is not particularly confident in the digital asset\u2019s ability to finish the year above $50,000. He expressed that he expects the consolidation in larger cap cryptocurrencies to continue through the last month of the year.<\/p>\n

Bennett however notes that there is a wide range for bitcoin due to the December 4th candle. This means that anywhere between $42,000 and $53,000 is possible going forward, providing a massive margin for the digital asset.<\/p>\n

\"Bitcoin<\/p>\n

BTC price continues downtrend | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Bitcoin Volume Is Concerning<\/h2>\n
Bennett also points to the lack of volume in the cryptocurrency. One thing is to start a rally or a breakout, but the other thing is to get enough volume to match that breakout. Otherwise, a rally would not be successful.<\/p>\n
Related Reading |\u00a0Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months<\/a><\/strong><\/em><\/p>\n
\u201cIf we\u2019re to see Bitcoin and the rest of the crypto market breakout later this month or even January, we need to see volume to match the price increase,\u201d said Bennett. \u201cWithout volume, any rally or even breakout is more likely to fail.\u201d<\/p>\n
As bitcoin continues to consolidate following a $53,000 test, the market is quietly waiting for more institutional money to pump into the market. Currently, Bennett has put the bitcoin key support at $49,000. \u201cBelow that is the April trend line near $46,000,\u201d Bennett notes.<\/p>\n
Featured image from Bitcoin News, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
A lot of predictions had put the price of bitcoin at $100,000 by the end of the year and although there are still some weeks left to go, it does not look like these predictions will come to pass. Bitcoin has however maintained a bullish trend despite price crashes and massive liquidations rocking the digital asset in recent times. Since analysts, and the crypto market in general, has been so focused on the bullish future of the asset, there has not been much attention paid to a low for the year. As the end of 2021 rolls around, it is important to not only look at the bullish end-of-year predictions but also how the cryptocurrency might be affected depending on the price bitcoin closes at. Related Reading |\u00a0Bitcoin Open Interest Takes Second Largest Dump Of 2021 Crypto analyst Justin Bennett addresses this in his latest issue of the weekly newsletter. Bennett maps out the outlook for the digital asset, as well as the implications of bitcoin closing out the year below $50,000. Options Contracts Becoming Worthless Some of the bitcoin options contracts are set to expire at the end of the year and the profitability of these options contracts depend greatly on what price BTC is when they expire. Since the crash, bitcoin has struggled to maintain its value above $50,000 and this has not been good for the options contracts. Bennett notes that a close below $50,000 would see all of these contracts expire worthless, playing into what he called the \u201cmax pain theory\u201d. The crypto analyst is not particularly confident in the digital asset\u2019s ability to finish the year above $50,000. He expressed that he expects the consolidation in larger cap cryptocurrencies to continue through the last month of the year. Bennett however notes that there is a wide range for bitcoin due to the December 4th candle. This means that anywhere between $42,000 and $53,000 is possible going forward, providing a massive margin for the digital asset. BTC price continues downtrend | Source: BTCUSD on TradingView.com Bitcoin Volume Is Concerning Bennett also points to the lack of volume in the cryptocurrency. One thing is to start a rally or a breakout, but the other thing is to get enough volume to match that breakout. Otherwise, a rally would not be successful. Related Reading |\u00a0Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months \u201cIf we\u2019re to see Bitcoin and the rest of the crypto market breakout later this month or even January, we need to see volume to match the price increase,\u201d said Bennett. \u201cWithout volume, any rally or even breakout is more likely to fail.\u201d As bitcoin continues to consolidate following a $53,000 test, the market is quietly waiting for more institutional money to pump into the market. Currently, Bennett has put the bitcoin key support at $49,000. \u201cBelow that is the April trend line near $46,000,\u201d Bennett notes. Featured image from Bitcoin News, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":478579,"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":[428,11434,84883,1119,26263],"class_list":["post-478576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analyst","tag-bitcoin-eoy","tag-btc","tag-crypto-analyst"],"acf":[],"yoast_head":"\nWhy Closing Out The Year Below $50,000 Could Be Bad For Bitcoin<\/title>\n<meta name=\"description\" content=\"A lot of predictions had put the price of bitcoin at $100,000 by the end of the year and although there are still some weeks left to go, it does not look\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Closing Out The Year Below $50,000 Could Be Bad For Bitcoin","url":"http:\/\/ktsl888.com\/news\/why-closing-out-the-year-below-50000-could-be-bad-for-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/why-closing-out-the-year-below-50000-could-be-bad-for-bitcoin\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/12\/bad-bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/12\/bad-bitcoin.jpeg?fit=800%2C600"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analyst","bitcoin eoy","btc","crypto analyst"],"dateCreated":"2021-12-09T20:30:20Z","datePublished":"2021-12-09T20:30:20Z","dateModified":"2024-06-11T14:09:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Closing Out The Year Below $50,000 Could Be Bad For Bitcoin\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/why-closing-out-the-year-below-50000-could-be-bad-for-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/why-closing-out-the-year-below-50000-could-be-bad-for-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/12\\\/bad-bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/12\\\/bad-bitcoin.jpeg?fit=800%2C600\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analyst\",\"bitcoin eoy\",\"btc\",\"crypto analyst\"],\"dateCreated\":\"2021-12-09T20:30:20Z\",\"datePublished\":\"2021-12-09T20:30:20Z\",\"dateModified\":\"2024-06-11T14:09:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/12\/bad-bitcoin.jpeg?fit=800%2C600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/478576"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=478576"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/478576\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/478579"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=478576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=478576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=478576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}