Dogecoin

bullish

Bitcoin

Bitcoin may be in for “insane long opportunities” over the coming months, as traders say BTC has now entered a price discovery phase.&nbsp;
“Bitcoin has begun its price discovery phase for this cycle,” said trader and analyst Daan Crypto Trades on X on Dec. 2, noting that the asset has traded above its previous all-time high for almost a month.&nbsp;
He <a data-ct-non-breakable="null" href="https://x.com/DaanCrypto/status/1863327461632565526" rel="null" target="null" text="null" title="null">cited</a> previous gains in the past two cycles amid the price discovery stage; Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) went up 1,600% during the 2017 bull market and 245% during the 2021 bull market.
“Even if we’d do half of the 2021 move, that would still put the price at around $150K,” he said.
Price discovery is a process that determines an asset’s fair market price through the interaction of buyers and sellers, and a new phase begins once it trades above all-time highs.&nbsp;
Capriole Fund founder Charles Edwards <a data-ct-non-breakable="null" href="https://x.com/caprioleio/status/1863402061926437018" rel="null" target="null" text="null" title="null">said</a>: “Every cycle we get 4-7 months of insane Bitcoin price discovery returns,” adding that the first month occurred in November, which saw the asset surge 40% and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-26k-record-monthly-btc-price-gain" rel="null" target="null" text="null" title="null">break monthly candle records</a>.&nbsp;
“The next months will have insane long opportunities,” he predicted. December has also been a bullish month for BTC historically.&nbsp;
<figure>
 <img alt="Markets" src="https://s3.cointelegraph.com/uploads/2024-12/019385be-729c-7852-ac54-42cd6bf6d573" title="">
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 BTC/USD 1M. Source: <a data-ct-non-breakable="null" href="https://x.com/DaanCrypto/status/1863327461632565526" rel="null" target="null" text="null" title="https://x.com/DaanCrypto/status/1863327461632565526">Daan Crypto Trades</a>
 </figcaption>
</figure>
Bitcoin reclaimed $98,000 during early trading on Dec. 2, but has retreated below $97,000 since, trading just 3.3% below its Nov. 22 all-time high of $99,645 at the time of writing. Analysts tell Cointelegraph there could be more to come in December.&nbsp;
“Historically, Bitcoin has averaged a +10% increase in December, with blockbuster performances in 2010, 2011, and 2020,” 10x Research founder and CEO Markus Thielen told Cointelegraph.&nbsp;
He added that this was especially true during <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/bitcoin-halving-impact-on-tokenomics-mining-and-market-sentiment" rel="null" target="null" text="null" title="null">halving years</a> when “the December returns were +6% in 2012, +31% in 2016, and +47% in 2020 — averaging a remarkable +28%.”
“All three halving years posted positive returns in December,” he said.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/analysts-see-final-flush-before-100k-rush-bitcoin" rel="null" target="null" text="null" title="null">Bitcoin‘s $93K dip could be ‘last flush’ before the rush: Analysts</a>
Meanwhile, chief investment officer at crypto financial services firm Ledn, John Glover, told Cointelegraph that a larger <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-30-correction-ahead-100k-btc-rally-analysts" rel="null" target="null" text="null" title="null">correction</a> could still be possible. However, it is also possible that momentum could continue to the $125,000 area, he said, before adding:&nbsp;
<blockquote>
 “There’s no real threat of a drastic sell-off unless we breach the March 2024 high at ~$74k, so I expect the market to continue adding to longs on any dips.”
</blockquote>
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/dogecoin-porsche-solana-trader-makes-millions-zachxbt-memecoin-scam-hodlers-digest/" rel="null" target="null" text="null" title="null">Dogecoin flips Porsche, trader turns $160 into $5.6M, and more: Hodler’s Digest</a>

Bitcoin set for ‘insane long opportunities’ as it enters price discovery: Traders

Cointelegraph

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