Bitcoin holds $48K as final Wall Street session caps 60% YTD gains for BTC

Bitcoin
(BTC)
chipped
away
at
its
latest
gains
on
Dec.
31
as
the
final
trading
session
of
2021
opened
on
Wall
St.


BTC/USD
1-hour
candle
chart
(Bitstamp).
Source:
TradingView

Bitcoin
posts
60%
year-to-date
gains

Data
from

Cointelegraph
Markets
Pro

and

TradingView
 tracked
BTC/USD
as
it
meandered
around
the
$48,000
mark,
having
reached
multi-day
highs
of
$48,550
hours
earlier.

The
uptick
had

coincided
with
the
December
expiry
on
Bitcoin
options
,
by
far
the
biggest
date
on
the
options
calendar
at
nearly
$6
billion. Conspicuous
buying
was
recorded
on
U.S.
professional
exchange
Coinbase
Pro
in
the
run-up
to
the
event.

With
stocks
heading
higher
in
Asia,
all
eyes
were
on
the
potential
for
a
final
flourish
against
a
background
of

concern
over
inflation

in
2022.

The
S&P
500
broke
its
70th
all-time
high
of
the
year
on
Dec.
30
at
4,806
points,
but
next
year
could
look
very
different
for
equities
thanks
to
the
Federal
Reserve.
For Jim
Paulsen,
chief
investment
strategist
at
the
Leuthold
Group,
the
future
was
bright

at
least
for
H1.

“A
lot
of
people
think
we
might
give
some
of
this
back
as
we
enter
the
new
year,”
he

told

Bloomberg.

“That
could
happen,
but
I
think
we’re
going
to
maybe
go
above
5,000
during
the
first
half
of
the
year
on
excitement
that
finally
we
may
be
moving
COVID
from
a
pandemic
to
an
epidemic
and
on
the
realization
that
inflation
is
moderating.”

BTC/USD
looked
set
to
end
the
year
around
$19,000
higher
than
its
starting
position.
Zooming
out,
Scott
Melker,
the
popular
trader
and
podcast
host
known
as
the
Wolf
of
all
Streets,
argued
that
the
long-term
BTC/USD
spoke
for
itself.

“You
want
to
zoom
out
and
feel
bullish?
Take
a
gander
at
the
BTC
yearly
chart.
Up
Only,”
he

said

as
part
of
Twitter
comments
on
Dec.
31. 


BTC/USD
1-month
candle
chart
(Bitstamp).
Source:
TradingView

At
least
$100,000
by
December
2022

Also
in
a
celebratory
mood,
meanwhile,
was
PlanB,
the
quant
analyst
well
known
for
his
enduring
but
increasingly
controversial
stock-to-flow
Bitcoin
price
models.



Related: Bitcoin
can
hit
$333K
‘parabolically’
if
this
BTC
price
fractal
plays
out

Reflecting,
he

noted

that
Bitcoin
was
up
60%
in
USD
terms
in
2021,
with
stocks
at
27%
and
gold
trailing
with
-4%.

Despite
being
nowhere
near
where
he
hoped
it
would
be,
BTC/USD
remains
true
to

stock-to-flow’s
permitted
deviation
,
and
is
thus
in
line
to
hit
its
predicted
average
price
of
$100,000
by
2024.

An
accompanying
survey
from
earlier
in
the
week,
which

garnered

almost
180,000
responses,
revealed
that
the
majority
of
respondents
believe
that,
one
year
from
now,
Bitcoin
will
trade
somewhere
between
$100,000
and
$200,000.


Bitcoin
Twitter
survey.
Source:
Twitter

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