Bitcoin Could Trade at $140,000 This December: An In-Depth Analysis

Saturday, 30 November 2024, 16:32

Bitcoin, the leading cryptocurrency, could trade at $140,000 this December if historical trends repeat. Past cycle performances show BTC rallying significantly in December after U.S. presidential elections. Current on-chain data suggests strong momentum towards this price point.
Finbold
Bitcoin Could Trade at $140,000 This December: An In-Depth Analysis

Historical Trends Favor Bitcoin's Surge

Bitcoin, the iconic cryptocurrency, often experiences substantial growth in December following U.S. presidential elections. In past cycles, BTC posted remarkable gains of 30% and 46% in December.

Current Market Indicators

As of now, Bitcoin has shown promising on-chain metrics, with significant withdrawals from exchanges. Over 55,000 BTC (valued at around $5.34 billion) were withdrawn in just three days, indicating a potential reduction in selling pressure and a shift towards long-term holding.

Resistance and Potential Breakout

Despite these positive indicators, Bitcoin faces challenges. Analysts highlight a critical resistance level. A daily close above $97,000 could propel BTC towards $100,000. Conversely, failure to break this resistance may lead to lower price movements.

Market Sentiment and Volatility

Investor sentiments remain cautious as Bitcoin trades at $96,682. With its current price trends and upcoming Federal Reserve interest rate decisions, the asset could see increased volatility in December. Despite this, Bitcoin maintains an upward trajectory, indicating a bullish outlook.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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