Bitcoin caused a huge stir in the cryptocurrency market by increasing its value by 37.3% in November following Donald Trump’s victory in the US presidential election. According to historical data, Bitcoin$BTC
It is estimated to have generally performed strongly in December and has the potential to rise to $141,000 by the end of the year.
Blockchain-based analytics platforms are closely monitoring the rise in Bitcoin prices after the US elections. According to Spot On Chain, in previous years, Bitcoin’s price has increased by between 30% and 46% in December. Bitcoin, which is currently trading at $96,600, is expected to reach $115,000 by the end of December. The increasing interest in cryptocurrencies and the decrease in reserves on exchanges stand out as one of the important reasons for this rise.
Analyst Ben Armstrong predicts that Bitcoin’s price will reach $100,000 in the coming period. Armstrong states that current market conditions offer significant opportunities to investors. Expert analyst Willy Woo, on the other hand, draws attention to the decrease in supply on the exchanges. According to Woo, short-term investors selling their assets and new investors entering the market naturally puts upward pressure on prices as it reduces the current supply.
It is stated that demand has increased even more with the start of trading of Bitcoin ETFs in the market. The effect of ETFs attracts new investors to the market and causes prices to climb to higher levels.
As the year comes to an end, the Bitcoin market is experiencing great volatility. Decreasing supply and increasing demand are accelerating price fluctuations, while also providing attractive opportunities for long-term investors.