The cryptocurrency market seems to continue its downward momentum. According to CoinGlass data, the crypto market saw $1.23 billion in liquidations in the last 24 hours. Bitcoin (BTC) briefly fell to the $104,000 mark, but has since made a slight recovery. CoinGecko statistics show that BTC’s price has fallen 4.6% in the last 24 hours, 12.6% in the last week, 11.9% in the 14-day charts, and 8.9% over the previous month. Let’s discuss if the crypto market can recover from the ongoing crash anytime soon.

Will The Crypto Market Recover From The Crash Anytime Soon?

The cryptocurrency market made a recovery attempt earlier this week, with no success. The market faced its most significant one-day liquidation last weekend, triggered by trade disputes between the US and China. Market participants are likely still wary about risky assets, such as cryptocurrencies. This behaviour is observed in gold’s price movements, hitting multiple all-time highs over the last few weeks. Investors are probably moving their funds into safe havens.

There is a chance that the cryptocurrency market will generate steam over the coming weeks. BTC quickly bounced back to $106,000 after falling to the $104,000 price level. We could see continued upward momentum if bulls persist. Moreover, the Federal Reserve may reduce interest rates even further, judging from Jerome Powell’s speech earlier this week.

Also Read: US-China Trade War Lifts Gold, Sinks Bitcoin as RBA Eyes Rate Cut

The larger cryptocurrency market is following Bitcoin’s (BTC) trajectory. If BTC reclaims $110,000, investors may begin to feel comfortable entering the market. CoinCodex analysts anticipate BTC to surge to $122,000 later this month, before facing another dip. However, the platform expects the original cryptocurrency to climb to a new all-time high of $144,848 on Dec. 25. If successful, it could be an excellent Christmas present for all crypto enthusiasts. BTC climbing to a new peak will likely lead to other assets registering price rallies as well.