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BTC’s strong November rally set the stage for potential December gains with an institutional buying frenzy.
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Post-election Decembers often see Bitcoin gains of 30% to 46%, boosting investor confidence.
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Bitcoin entered into the price discovery phase as Traders eye Bitcoin to exceed $150K
Bitcoin has had an exciting month in November 2024, soaring by 37.3% as Donald Trump won a decisive victory over Kamala Harris in the US presidential election. Meanwhile, past data hints at even bigger gains ahead, with December rallies reaching up to 46%. With BTC now near $96,600, could it skyrocket to $150,000 before year-end?
Where Bitcoin will be headed in December
Now, as December begins, Bitcoin shows no signs of slowing down. The cryptocurrency has already gained 2% in the first days of the month, continuing its upward momentum. On Dec. 2, Bitcoin briefly reclaimed $98,000 but dipped below $96,000, just 3.8% short of its all-time high of $99,645 set on November 22.
Historically, December after U.S. election months has been bullish for Bitcoin, with price increases between 30% and 46%. However, analysts remain optimistic, predicting Bitcoin could hit $100,000 by year-end, fueled by FOMO (Fear of Missing Out).
The #Bitcoin price soared by 37.3% in November 2024, the US election month.
— Spot On Chain (@spotonchain) December 2, 2024
Historically, every December following an election month has shown remarkable growth (30%–46%).
This aligns with our April prediction that $BTC is likely to hit $100K. Now, with new FOMO factors in… https://t.co/lie8sHEtS4 pic.twitter.com/tpr9hQZl96
Perhaps looking at the recent progressive scenario, Bitcoin’s price could easily surpass the $100,000 mark and potentially hit $115,000 by the end of December 2024.
Bitcoin Enters Price Discovery
As we head into the final month of the year, many are keeping a close eye on Bitcoin’s price. Prominent crypto trader ‘Daan Crypto Trades’ noted that Bitcoin has recently entered an exciting price discovery phase, and traders believe it could lead to massive gains in the coming months.
#Bitcoin Has begun its price discovery phase for this cycle.
— Daan Crypto Trades (@DaanCrypto) December 1, 2024
In 2017, it went up +1600% from that point.
In 2021, it went up +245%.
Even if we'd do half of the 2021 move, that would still put price at ~$150K.
What is your estimate? pic.twitter.com/EgvcRlrrTS
Looking back at past cycles, Bitcoin saw incredible surges after entering price discovery of 1,600% during the 2017 bull market and 245% in 2021. Daan suggests that even achieving half the growth from 2021 could push Bitcoin’s price to an astonishing $150,000.
This phase could bring “insane opportunities,” with traders eagerly watching to see if history will repeat itself.