Bitcoin Outperforms Traditional Markets, Poised for Potential 10% Rally

By: Eva Baxter

Overview

The cryptocurrency market is currently witnessing a strong momentum with Bitcoin taking the lead. Not only has Bitcoin broken past the trading timelines of traditional markets such as S&P 500, but it is also on the cusp of a potential rally, based on technical indicators.

Defying Traditional Market Timelines

Since its inception in 2009, Bitcoin has redefined conventional market operations by supporting nearly 100% uptime and facilitating 24/7 transactions. As of Dec. 22, 2023, Bitcoin has been actively traded for 5,466 continuous days. In comparison with the S&P 500, which operates for five days a week, Bitcoin’s trading timeline is equivalent to a staggering 21.02 years of the traditional market's operation. If Bitcoin were a traditional asset, it would trade only on weekdays for 6.5 hours per day, making its inception equivalent to 2002, even though it was only conceived in 2009.

A Promising Future

Bitcoin is currently trading above the critical $44,000 resistance and is poised to increase in value. A key bullish trend line forming with support near $43,800 indicates a potential rally if there is a close above $44,300 and $44,500. The price could surge past the $45,000 resistance should this positive momentum continue. On the other hand, if Bitcoin fails to eclipse the $44,300 resistance zone, it could slide into a decline, with major support levels expected near $43,800 and $42,750.