The BTC bulls are back sustainability to push the digital cryptocurrency past $130,000 (ex $120,000). BTC rebounded 5.9% to above $96,000 following a turbulent November when the cryptocurrency hit a low of $90,796.
By all accounts, market analysts, including Ali Martinez, are still bullish on another rise for Bitcoin.Despite a post dated November 30 in which Mez Martinez claimed Bitcoin would remain upended through December, Bitcoin is still poised for a veiy strong year.
The cryptocurrency has already begun to draw the eye of constant investors in the fourth quarter, seeing gains of 10.76 per cent in October and 37.99 per cent in November. Strong inflows into spot Bitcoin ETFs, Donald Trump’s presidential election win, the Federal Reserve rate cutting and more have all factored into this bullish outlook.
Bitcoin Historical Patterns Suggest Growth
That optimism is supported by additional historical data. In years following U.S. presidential elections Bitcoin has traditionally delivered strong returns, making December a mixed month for BTC. The cryptocurrency hit a surge of 30.8% in 2016, and 46.92% in 2020. Bitcoin could trade between $125,000 and $140,000 by year end, analysts say, and this pattern could play out again.
The narrative is reinforced by recent market activity. In the past three days, exchange withdrawals dropped the available supply and shored up selling pressure: over 55,000 BTC, valued at $5.34 billion. That’s a trend indicating investors believe prices will increase further. However, challenges remain.
At least according to Bitcoin’s relative strength index (RSI), which hovers around 75.56 and signals that the asset is overbought, and thus in danger of correction. Another, as well, trading volume has fallen by as much as 41.27% over the past day, illustrating a sluggish market. Currently being faced with resistance at $97,300, BTC is about to break that level.
At press time, BTC is trading at $96,203, down 0.43% over the past 24 hours. The cryptocurrency market is heading for a critical month, as December unfolds, when BTC could deliver historic highs, cementing itself as a major player in the realm of global finance.
