Bitcoin has hit its highest price since Dec. 7 in what some are suggesting is a “Santa Claus rally” in the lead up to Christmas.

The hope for a seasonal bounce for bitcoin was proposed by some in late November but instead, until today, the price of bitcoin and other cryptocurrencies has continued to decline.

Bitcoin started to fall off a cliff in December, coming in at $3,329.30 as of 10 p.m. EST Dec. 6 before crashing further to $3,139.96 on Dec. 15.

The supposed Santa Claus rally began at around 2 p.m. EST today when bitcoin rose from $3,236.84 to $3,503.20 as of 10:25 p.m EST, up 9.42 percent.

Bitcoin was not alone in seeing a bounce, with all major cryptocurrencies surging. Ethereum rose 15 percent, Litecoin 17 percent, Ripple XRP 14 percent and Bitcoin Cash 14 percent.

The bounce may only be temporary, this being cryptocurrency. But others are more positive, with one suggesting that it may be the end of the yearlong bear run, today marking a year to the day that bitcoin hit its peak of $19,475 during the crypto frenzy of 2017.

The last time $BTC reversed at this same level it didn't stop until $20k…

This is the meme inverse H&S they didn't want you to see👇 pic.twitter.com/fndTZd7Wq3

— Bitcoin Birch 👨‍💻 (@BitcoinBirch) December 17, 2018

Why the bounce now is also open to speculation. It’s possible that bitcoin and other cryptocurrencies may have hit the bottom of their current cycle.

“As a relatively new concept, cryptoassets are still finding their feet in terms of value,” said Mati Greenspan, senior market analyst at eToro, told CNBC. “It’s important to remember that all assets, in every market, experience a process of price discovery and that cryptos are no different.

Others were still negative. Stephen Innes, head of Asia Pacific trading at Oanda, told Marketwatch that he sees a further downside for crypto prices because the assets remain hard to value.

“Looking at the hand that is dealt, we should expect crypto markets to trade lower until ultimately investors can justify and determine valuations,” Innes said. “But even from a cross-asset play with global markets veering south, the fact investors can’t pin an intrinsic value on BTC, in my view makes it even less appealing.”

Photo: Pixnio