Bitcoin gained significant momentum in November, notably gaining 37.3% in value, and has the potential to rise by up to 46% in December. The BTC price is currently trading at $96,922 and is expected to exceed $100,000. Decreasing stock market reserves and increasing demand for Bitcoin ETFs stand out as the biggest supporters of the price increase.
Bitcoin, which showed a strong rise in November after Donald Trump won the US Presidential election, managed to strengthen its price. Looking at historical data, it is seen that such increases usually continue in December and growths of up to 45% are experienced. This means that if an uptrend continues, even the $ 140,000 level can be exceeded.
Cryptocurrency analyst Ben Armstrong predicts that the price of Bitcoin could reach $100,000 in the next 48 hours. He makes this prediction based on Bitcoin futures data. According to data provided by 10x Research, the supply of Bitcoin on exchanges is trending down significantly. According to on-chain data, it was observed that inflows to exchanges increased in the summer months, but this trend was short-lived. In addition to the decrease in supply on exchanges, it is stated that demand for Bitcoin ETFs is also increasing day by day. According to published reports, ETFs have raised over $31 billion in investments since their approval, and a large portion of these investments are focused on direct "spot" investments.
Analyst Willy Woo also draws attention to the decrease in reserves in the stock exchanges and states that this situation creates an optimistic outlook in the market. Woo states that he does not know who made the purchases, but that the decrease in supply is a sufficient indicator for him.
The Bitcoin price has experienced a slight decline in the last 24 hours, falling to $96,418. While a general downward trend is observed in the market, XRP's rise of over 30% has occupied the agenda.