Bitcoin Set To Hit $140,000 Target In December – Here’s Why
Bitcoin (BTC) experienced quite a tumultuous end of November, hitting a local bottom at $90,796 on Tuesday. Notably, market bulls have shown some resilience over the past few days, with the market gaining 5.9%, pushing the digital asset back above $96,000. Interestingly, as December begins, popular market analyst Ali Martinez supports BTC resuming its uptrend, reaching a potential price target of $140,000.
Get ready for a bullish December – analysts
exist X posts from November 30Martinez predicts that Bitcoin may maintain its positive performance through the last month of 2024.
The cryptocurrency market leader has attracted significant investor interest in Q4 2024 so far, with gains of 10.76% in October and 37.99% in November. The Bitcoin market has been strongly bullish, driven by a number of factors, including The Federal Reserve recently cut interest rates in NovemberDonald Trump’s electoral victory, and A large amount of market funds flowed into spot Bitcoin ETFs.
Looking ahead, December has historically been a two-phase month for Bitcoin, with the average return over the past 11 years being 5.45% and the median return being -3.59%.
However, Martinez explained that Bitcoin traditionally surges in any December following a U.S. presidential election, as evidenced by gains of 30.80% and 46.92% in 2016 and 2020, respectively. If the major cryptocurrency mirrors similar patterns from previous bull cycles, analysts predict that Bitcoin will trade between $125,000 and $140,000 before 2024 ends.
According to BTC weekly chart data, the asset’s 100-day simple moving average (SMA) remains well above its price, indicating a continuation of the uptrend, in line with Martinez’s prediction. However, the relative strength index (RSI) of 75.56 indicates that Bitcoin is overbought and vulnerable to a sudden price drop.
Investors withdraw $5 billion in Bitcoin from exchanges
In more positive news for the Bitcoin community, more than 55,000 Bitcoins (worth $5.34 billion) have been transferred from cryptocurrency exchanges in the past three days. this develop This is largely interpreted as bullish as it reduces the available supply of Bitcoin on exchanges, potentially reducing selling pressure. Furthermore, this also shows investors’ expectations for an immediate rise in Bitcoin prices.
At the time of writing, BTC is trading at $96,203, down 0.43% in the past 24 hours. On any further gains, Bitcoin will encounter minor resistance at $97,300, which should not pose major headwinds as the major cryptocurrency is largely leaning towards Breaking through $100,000 sooner or later.
Meanwhile, BTC’s daily trading volume was $31.98 billion, down 41.27%, indicating a decrease in trader participation and overall market activity.
