■Bitcoin bull market over? ‘Decembear’ has only sent BTC price 2% lower
●Bitcoin has dropped less than 2.5% in December, maintaining its position as a strong investment in 2024. Despite a $15,000 decline from recent all-time highs, BTC/USD remains up nearly 50% in Q4 and only 2.4% lower than its December opening.
●Historically, December can bring both significant gains and losses. This year appears average, with analysts like Titan of Crypto noting a key rising trend line that continues to support Bitcoin’s price. “As long as BTC stays above this trend line, there’s no reason to worry,” Titan of Crypto stated.
●CoinGlass data highlights that Bitcoin’s December performance is lagging compared to 2023, with some traders observing similarities between this year’s and last year’s market structure. “All of 2024 was a copy of 2023,” argued trading account Nestay, suggesting fractal patterns in Bitcoin’s price movements.
●Short-term holders (STH) are back in focus. Analyst Bitcoindata21 predicts Bitcoin may reverse upward if its price approaches the STH realized price—currently near $86,000—where speculative investors break even. “It might not hit 86k, but if it does, I will be aggressively adding risk,” Bitcoindata21 wrote.
●On-Chain College warned that any price drop above the STH cost basis (STHCB) is just “noise,” but losing and failing to reclaim this level would warrant reassessment.