The Bitfinex Alpha report indicates that despite experiencing some brief turbulence last week, November concluded with a high profile for Bitcoin. BTC experienced its largest pullback since the U.S. elections, dropping 8.64% during the week to $90,911, before quickly rebounding to set a record monthly closing price of $96,506. By the end of November, Bitcoin closed with an impressive 37.3% gain, making it the second-best month of 2024 so far. This outstanding performance continues to highlight Bitcoin's strong momentum, positioning it favorably as we enter December. Historically, December has been a turbulent month for Bitcoin, but during halving years, the asset's average return has reached as high as 38.86%. Given the current bull market dynamics, Bitcoin is expected to rise further, although short-term volatility may occur. Any short-term pullbacks could be triggered by ETF fund outflows and profit-taking by long-term holders (LTH). Interestingly, the supply of short-term holders (STH) is nearing its cycle peak of 3,282,000 BTC. Historically, the final stages of a bull market begin when STH supply breaks above the cycle peak prior to the halving. This shift indicates increasing retail participation but also underscores the market's reliance on upcoming demand to absorb LTH profit-taking. If short-term holder demand can meet the supply of long-term holders, BTC will break through $100,000.

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