Bitcoin Analysts Predict Price Target of $140,000 in December
Bitcoin (BTC) faced volatility at the end of November, hitting a local low of $90,796. Recently, it recovered, gaining 5.9% and surpassing $96,000. Analyst Ali Martinez forecasts BTC could reach $140,000 as December progresses.
Prepare For Bullish December – Analyst
In a post on November 30, Martinez suggested Bitcoin is set for positive performance in December 2024. In Q4 2024, BTC gained 10.76% in October and 37.99% in November, influenced by factors such as the recent Fed rate cut, Donald Trump’s electoral success, and high inflows into Bitcoin ETFs.
Historically, December has shown mixed results for Bitcoin, averaging a 5.45% return but with a median return of -3.59% over the past 11 years. However, Martinez noted that Bitcoin typically rises in Decembers following US Presidential elections, citing gains of 30.80% in 2016 and 46.92% in 2020. If this trend continues, predictions suggest BTC could trade between $125,000 and $140,000 by the end of 2024.
Data from the BTC weekly chart indicates an uptrend continuation, with the 100-day simple moving average significantly above the current price. However, a relative strength index (RSI) of 75.56 signals that Bitcoin may be overbought and susceptible to price corrections.
Investors Withdraw $5 Billion Bitcoin From Exchanges
Recently, over 55,000 Bitcoins valued at $5.34 billion were withdrawn from exchanges within three days. This move is seen as bullish, reducing available supply on exchanges and potentially easing selling pressure. It reflects investor expectations for immediate price increases in BTC.
Currently, BTC trades at $96,203, having experienced a 0.43% decline in the last 24 hours. Should it continue to rise, minor resistance is expected at $97,300, though it is anticipated to eventually break above $100,000.
Additionally, BTC's daily trading volume stands at $31.98 billion, down by 41.27%, indicating reduced trader participation and overall market activity.
