Year-end speculation for Bitcoin: Can it turn around with the 'Santa Claus' effect?

Folks, Bitcoin has taken a big tumble recently! But don't panic, there's always a 'Santa Claus effect' around this time of year, and it might just rise with the holiday spirit.

Bitcoin previously soared to $108,000, then dropped to around $92,000, and now it's back to $94,000, leaving everyone feeling the sting after last week's decline.

With 2024 approaching, will it continue to stay down or suddenly take off? We'll just have to wait and see.

The crypto market often surprises during the holidays; strong rebounds were seen in 2016 and 2020. CoinGecko's research indicates that the market tends to rise after Christmas, and many hope Bitcoin can capitalize on that recovery, although it saw significant drops during Christmas in 2021 and 2022.

However, there is still hope for Bitcoin, as its four-year cycle pattern remains intact. Around December 27th, a large number of Bitcoin and Ethereum options will expire.

This could trigger significant price fluctuations, and by late December, social sentiment may hit rock bottom, perhaps signaling a precursor to a rebound.

The trajectory of Bitcoin during Christmas is unpredictable, but the overall returns for December are still decent. In short, let’s wait and see how Bitcoin performs in 2024.