u.today
As the year draws to a close, Bitcoin (BTC) enthusiasts are closely monitoring the historical patterns that suggest December could be another bullish month for the world's leading cryptocurrency.
Analyzing the seasonality of BTC, it becomes evident that if October and November close in the positive, December tends to follow suit. This trend is not new, as historical data reveals similar patterns over the past decade.
In 2015, after closing October and November at a positive 33.1% and 19.8%, BTC surged by 14.1% in December. The years 2016 and 2017 witnessed even more remarkable gains, with positive returns in December of 29.2% and 38.8%, respectively. In 2020, following October and November gains of 28.1% and 42.9%, BTC soared by 47.8% in December, showcasing a consistent historical trend.
While exceptions like 2013 exist, as Bitcoin experienced a 33.2% dip in December, it could be argued that the crypto landscape was markedly different, resembling the "Wild West," with unprecedented price fluctuations, such as a staggering 453.9% surge in November that year.
This year, BTC has continued its upward trajectory, closing October with a 28.5% gain and projected to end November with a 7.18% increase.
Statistically, the last quarter of the year has proven to be one of the greenest for the cryptocurrency market. As of now, the fourth quarter of 2023 is closing with a notable 37.7% gain, marking the potential eighth time out of 13 years that the year concludes on a bullish note.
With this historical insight, all eyes are on Bitcoin as the crypto community eagerly anticipates whether the trend will continue, making December 2023 a month to remember for BTC enthusiasts.