Bitcoin Set To Hit $140,000 Target In December – Here’s Why

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As a seasoned crypto investor with over a decade of experience navigating through market highs and lows, I find myself rather optimistic about the upcoming December. The recent performance of Bitcoin (BTC) has been nothing short of impressive, and analyst Ali Martinez’s prediction of a potential price target of $140,000 is certainly intriguing.

Bitcoin (BTC) had a bumpy closing for November, hitting a local low of approximately $90,796 on Tuesday. However, the market bulls have demonstrated some strength in recent days, leading to a 5.9% increase and moving the cryptocurrency back above $96,000. As December starts, well-known market analyst Ali Martinez predicts that BTC will continue its upward trend, potentially reaching a price target of around $140,000.

Prepare For Bullish December – Analyst

According to a post by Martinez on November 30, he forecasted that Bitcoin would probably continue to perform well as we approach the final month of 2024.

In Q4 of 2024, the top crypto asset has attracted substantial attention from investors, experiencing a rise of 10.76% in October and a more significant increase of 37.99% in November. The Bitcoin market has shown a robust bullish trend, fueled by various factors such as the recent reduction in Fed interest rates in November, Donald Trump’s election win, and an influx of funds into spot Bitcoin Exchange-Traded Funds (ETFs).

Looking ahead, December has traditionally exhibited a bifurcated pattern for Bitcoin, supported by an average gain of 5.45% and a midpoint loss of -3.59% during the last eleven years.

In a nutshell, Martinez suggests that Bitcoin historically experiences growth in December following U.S. Presidential elections. For instance, it rose by 30.80% and 46.92% in 2016 and 2020 respectively. If this pattern from past bull cycles repeats, the analyst anticipates Bitcoin’s value to range between $125,000 – $140,000 before 2024 concludes.

Based on the weekly BTC chart data, the asset’s 100-day moving average (SMA) stays significantly higher than its current value, suggesting that the upward trend may persist as per Martinez’s prediction. However, a Relative Strength Index (RSI) of 75.56 indicates Bitcoin has been overbought and could experience sudden price drops due to overselling.

 

Investors Withdraw $5 Billion Bitcoin From Exchanges 

Recently, around 55,000 Bitcoins, worth approximately $5.34 billion, have been withdrawn from crypto exchanges over the past three days, which many in the Bitcoin community view as a positive sign. This action could decrease the amount of Bitcoin available for trading, potentially lessening the pressure to sell. Furthermore, it may indicate that investors expect immediate growth in BTC’s price.

Currently, a single Bitcoin is being traded for approximately $96,203, after experiencing a slight decrease of 0.43% over the last day. If it continues to climb, Bitcoin may encounter some modest resistance at around $97,300. However, this should not pose significant obstacles as experts predict that Bitcoin will eventually surpass $100,000.

Currently, the daily trading volume of Bitcoin stands at approximately $31.98 billion, which represents a decrease of 41.27%. This suggests less involvement from traders and reduced overall market activity.

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2024-12-01 18:04