As of December 2024, Bitcoin (BTC) is experiencing significant bullish momentum. After a remarkable 37.3% gain in November, driven by the U.S. Presidential election results, Bitcoin's price is currently hovering around $96,600. Historical patterns suggest that Bitcoin often rallies by 30-46% in December following such events, which could push BTC's price well above $100,000 by year-end. Some predictions even foresee Bitcoin reaching as high as $141,000.
Several factors are fueling this rise. Bitcoin's exchange reserves are declining rapidly, signaling a potential supply shock. Long-term holders are holding onto their Bitcoin, and institutional demand through Bitcoin ETFs has been strong, with over $31 billion in inflows. These factors, combined with positive market sentiment, suggest that Bitcoin could continue its upward trend through the remainder of 2024 and into 2025.
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