How High Can Bitcoin Price Go This December?
Highlights
- Historical data suggests December gains of 30-46% for Bitcoin price in the election year.
- BitBoy predicts the $100K milestone could be reached within 48 hours.
- Bitcoin exchange reserves are dropping significantly hinting further bullish action.
- Willy Woo highlights a looming Bitcoin supply shock.
Bitcoin price delivered a solid 37.3% gain in November following Donald Trump’s victory in the US Presidential elections. Historical data shows that the BTC rally can continue to another 46% in December. While BTC is currently flirting around $96,600, this rally could push it all the way to $141,000 by the year-end.
Bitcoin Price to Rally in December?
After a staggering 37.3% gain in November, Bitcoin is looking forward to a strong year-end in December. Blockchain analytics platform Spot On Chain reported that in December following the elections, Bitcoin price has surged by an average of 30-46% historically.
As of press time, BTC price is trading at $96,922 with a market cap of $1.918 trillion. Thus, if Bitcoin replicates its previous performance, the $100K level seems to be easily achievable. With new FOMO-driven market dynamics, their updated model now predicts BTC could climb to $115K by the end of December if we consider 30% gains from here. In the case of a 46% surge, BTC price rally can further extend to $141K by December-end.
Furthermore, popular crypto analyst Ben Armstrong aka BitBoy believes that Bitcoin price could rally to $100,000 levels in the next 48 hours from here. BitBoy bases his prediction on the BTC’s future perpetual data. He noted:
“It’s time guys. The next 48 hours. BTC will hit $100,000. The moment we have waited for. Cherish it. We will only get it once”.
Bitcoin Exchange Reserves Dropping Significantly
As per the data from 10x Research, the Bitcoin supply from the exchanges could be drying up pretty fast. Unlike the late summer influx that temporarily boosted exchange inventories, current on-chain data reveals a sharp drop in supply. Furthermore, long-term holders remain steadfast, opting not to release Bitcoin into the market. This can provide an additional catalyst to Bitcoin price from here.
On the other hand, the Bitcoin ETFs have witnessed more than $31 billion of inflows since their inception scooping massive supply from the market. As reported, the BlackRock traditional funds are also seeking exposure to spot Bitcoin ETFs. 10x Research stated that as of now, only three exchanges – Bitfinex, Binance, and Coinbase, have enough BTC inventory. It added:
“Considering that $30 billion in Bitcoin ETF inflows would only secure 300,000 BTC at current prices, Bitfinex’s reserves could last about one year, while Binance and Coinbase have enough supply”.
Veteran Bitcoin analyst Willy Woo also confirmed this stating: “If you want some situational awareness of what’s going on, take a look at the BTC reserves on exchanges, nothing short of a supply shock. I don’t know who is buying, but short-term traders are selling their coins to a BTC vacuum cleaner”.
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