Daily Bitcoin payments have plunged to their lowest point this year, reflecting the usual holiday season lull. The number of confirmed transactions on the Bitcoin network sank to 623,434 on December 26th, according to data from blockchain.com. This coincides with Bitcoin’s price falling below $100,000.
Analysts, however, expect a rebound soon. They point to weak social sentiment and historical trends as indicators of an impending price recovery. Bitcoin social sentiment is currently at its lowest level of 2024, with a ratio of four positive comments to five negative ones. This suggests that a breakout may be on the horizon, as historically, low retail investor sentiment has preceded price increases.
The current downtrend is likely due to holiday illiquidity, according to Ryan Lee, chief analyst at Bitget Research. He anticipates market activity to pick up after Christmas, with investors positioning themselves for potential gains under the incoming Trump administration.
December 2024, Cryptoniteuae
