bullish

2024

Bitcoin

<a href="https://yellow.com/asset/btc">Bitcoin</a>'s recent market dynamics signal a potential upswing as December 2024 commences. After a volatile end to November, Bitcoin found a temporary trough at $90,796 but soon rebounded by 5.9%, rising above $96,000. Prominent market analyst Ali Martinez suggests that Bitcoin could continue its upward trajectory, potentially hitting a price point of $140,000. 
On November 30, in a widely discussed post, Martinez <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-set-to-hit-140000-target-in-december-heres-why/">expressed</a> confidence in Bitcoin's continued strong performance as the year wraps up. Bitcoin has garnered substantial attention from investors in the fourth quarter of 2024, posting impressive gains—10.76% in October, followed by 37.99% in November. Key drivers for this bullish momentum include a recent cut in the Federal Reserve's interest rate, Donald Trump’s unexpected electoral win, and a surge in market inflows to spot Bitcoin ETFs. 
Historically, December has shown mixed outcomes for Bitcoin, with average returns of 5.45% and median returns dipping to -3.59% over the past eleven years. However, Martinez points out that in years with U.S. Presidential elections, December has typically seen Bitcoin surge, noting increases of 30.80% in 2016 and 46.92% in 2020. 
Should Bitcoin repeat these historical bull cycles, it could approach or surpass a valuation of $125,000 to $140,000 by the end of 2024. Technical analysis supports this view as the 100-day simple moving average (SMA) remains significantly above the current price. Still, with a relative strength index (RSI) of 75.56, Bitcoin appears overbought, raising caution for sudden price corrections. 
In a favorable turn for Bitcoin's market sentiment, a significant withdrawal of over 55,000 Bitcoins—worth $5.34 billion—occurred from crypto exchanges recently. This exodus is seen as a bullish indicator because it suggests a reduced Bitcoin supply on exchanges, alleviating potential selling pressure and indicating investor confidence in near-term price appreciation. Yet, the current trading situation reflects some volatility. 
Trading at $96,203, Bitcoin has slipped by 0.43% over the last day. Notably, it faces minor resistance at $97,300. Given strong market sentiment, it is largely expected that Bitcoin will surpass the $100,000 mark very soon. 
However, BTC's daily trading volume has seen a decline, falling by 41.27% to $31.98 billion. This dip suggests reduced trader activity and general market engagement. The market awaits to see if these fluctuations pave the way for a sustained rally or if caution is warranted.

Bitcoin May Reach $140K in December: Technical Indicators Point to a New Milestone

Yellow News

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