Analysts are optimistic about the prices of Bitcoin in December and observe a substantial influx of capital. The market sentiments seem predominantly positive across the crypto industry, with Bitcoin anticipated to exceed $100,000 driven by institutional demand.
The prices of Bitcoin rose sharply by 42% in November 2024, giving an exponential encouragement to the investors in cryptocurrency.
As on December 3, 2024, Bitcoin is trading at $95,456, though reflecting a minor pullback from the previous $96,000 price early today.
Bitcoin price is predicted to rise after the victory of Republican candidate Donald Trump’s victory in the 2024 U.S. presidential elections against his Democratic opponent Kamla Harris.
Trump’s return, perhaps the first cryptocurrency-friendly presidency, has promised to loosen crypto regulations. This is expected to raise the Bitcoin price.
Similarly, another reason to influence the price of Bitcoin could be the announcement from Securities and Exchange Commission (SEC) Chair Gary Gensler to step down from his position in January ahead of Trump’s re-entry in the White House.
Analysts’ Predictions
Analysts anticipate Bitcoin to end the year on a bright note, a rally beyond $100,000.
Among the bullish analysts, Juan Pellicer, a senior researcher at IntoTheBlock, cites Bitcoin ETFs as the main driver of bullish trend owing to unprecedented demand by institutions. Nonetheless, if Bitcoin regains $99,588, new highs are expected.
Similarly, popular American social media influencer and entrepreneur Ben Armstrong, aka BitBoy, claims that Bitcoin can potentially reach $100,000 soon. He sees a rise in price based on the perpetual futures data on Bitcoin as well as decline in exchange reserves indicating supply shock.
Confident projections on Bitcoin December 2024 price come to light as artificial intelligence-powered analytics platform Spot On Chain asserts that the price levels close to $115,000 could be reached after a 30% increase by year end. In a more bullish scenario, a 46% surge above the trend line could push prices near $141,000.
Another cryptocurrency renowned analyst Willy Woo points to the supply shock, possibly resulting from the long-term holders who are offloading their Bitcoin, which could further increase the price.
Historical Trend
But, the predictions are coupled with strong volatility. Ever since its inception in 2009, the price of Bitcoin has gone remarkably up. Starting from less than $0.01 in 2011, traded at $1 and jumped to $30 in the same year. Bitcoin saw phenomenal growth in 2017, with nearly touching $20,000 in the last month of the year. However, it experienced a massive dip in 2018, and the price dropped to around $3,200 reaching year end.
In December 2020, Bitcoin’s rate managed to go beyond $28,000 with increased demand from institutions and the economic instability triggered by the COVID-19 pandemic.
In 2021, Bitcoin price climbed at around $65,000 in April but suddenly lowered down to $30,000 in July. The trend continued in 2022 with regulatory headwinds and the subsequent market correction, causing massive depreciation in Bitcoin prices. However, the year 2023 experienced an uptrend with the value of Bitcoin reaching over $40,000 and touching an all-new high in November.
Bitcoin prices surged, which was visible in the case of spot Bitcoin exchange-traded fund (ETF). The inflows significantly increased over $5 billion in November by BlackRock’s iShares Bitcoin Trust (IBIT), major asset management company.
Hence, looking at history and positive forecasts along with growing institutional interest, December will likely set a new record for Bitcoin.
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