According to the 2019 Stock Trader's Almanac, the stock market has risen 1.3% on average during the 7 trading days in question since both 1950 and 1969. Over the 7 trading days in question, stock prices have historically risen 76% of the time, which is far more than the average performance over a 7-day period."
According to text books 76% of the time, we would have such a rally in stocks during this time of the year and crypto being an ardent follower of the traditional markets would have benefited from the same type of behavior. So far, everything is flat, except my dear EGLD which is dumping along other shitcoins lately.
HIVE had quite a decent pump yesterday coming from the Korean troublemakers. It went as high as $0.35 cents over the course of a few hours, starting the mini-rally from a price range of about $0.28. Now it's pretty much back to where it began... And frankly, I don't see a Santa Rally this year. 2022 fits in the 14% gap where we don't get such a rally.
I believe that traders and investors are cautious this year cuz of the whole havoc that we have in the world, but I don't bet there will be much more downside, especially in the crypto market. The recession might be already priced in, as it happens oftentimes in the markets. @taskmaster4450 pointed out very clearly in a video a few days ago that we should not expect the markets to reflect the behavior of the economy.
These are two separate entities and can take separate directions. I'm not expecting anything bullish in crypto till like a few months before the halving. The way the price behaves it seems that we're scrapping bottoms right now. Who knows, we might get that $12k BTC in the next following months, but I don't expect a multiple-year-long bear market for crypto.
Oh and then there's the recession. Some big companies from the US such as Meta have already announced layoffs and these are signs of economical contraction, but I don't see much of that here. It feels like we're still having quite some fuel left to spin the wheels. Don't ask me where that comes from. I guess we are the type that drains the whole tank before getting cautious about spending.
Anyway, the year is coming to an end, and hopefully, so the bear market does. It's been a wild one, I kind of learned my lessons this time and looking forward to 2023. Merry Christmas everyone and see ya all next time.
Thanks for your attention,
