KEY POINTS

  • Bitcoin is back at $7,500 and currently trades near $7,600
  • Ethereum is also up 3.5% but has not recovered since its drop last week
  • The rest of the top 20 cryptos are up except for Tezos

If "hodlers" are banking on a Santa Clause rally, then this is not it yet for Bitcoin (BTC). But for the time being, it will do.

The largest crypto by market cap has registered new gains as it sets itself up for the coming week. From dipping near $6,400 on Dec. 18, Bitcoin is back at $7,500 and is almost trading close to $7,600, as of press time.

Among the crypto market, BTC is not the only one to post gains -- Ethereum (ETH), the second most popular cryptocurrency, was also up by about 3.5 percent in the past 24 hours. Coindesk prices show that Ethereum traded at a low of $126.59 and climbed to a high of $131.68 on Sunday. The altcoin currently trades at $130.45. 

All of the top 20 cryptos -- with the exception of Tezos (XTZ) -- recorded medium gains. This comes after the entire market was in the red last week because of a report about a Chinese Ponzi scam that dumped billion dollars worth of cryptos in exchanges so scammers can cash out.

However, even as ETH is poised to finish the day on the positive side, it still is $10 away from its original price before the news came out that caused it to dip 10 percent. Bitcoin, on the other hand, has more than recovered much of what it lost in the crypto market drop.

Still, most analysts expect BTC to fall before its scheduled halving sometime in May next year. Even billionaire venture capitalist Tim Draper broadcasted his comments that Bitcoin should be at these levels based on technical analysis data. Although he couldn't provide more details about what the charts say, he is confident that BTC will reach a price of $250,000 by 2022.

CNBC used a similar chart to understand what Draper could be referring to. Brian Kelly of CNBC's "Fast Money" used a logarithmic chart that showed BTC prices since 2013 has been on an upward slope. He pointed to the top of the channel, which falls at 2022, that is on par with Draper's prediction of $250,000. But if the price continues to slide before the halving, as what some analysts expect, that could be below the channel of the log chart Kelly drew up.

US authorities arrested three men in an alleged fraud that raised $722 million from investors lured by fake bitcoin mining earnings Blockchain technology, invented to power cryptocurrencies like bitcoin, has more impactful use in other segments including bankings, experts say. Photo: GETTY IMAGES NORTH AMERICA / GEORGE FREY