Stay up to date with the CriptoTendencia WhatsApp channel: Instant news about Bitcoin, Altcoins, DeFi, NFT, Blockchain and Metaverse. Subscribe!
November was a highly bullish month for cryptocurrencies, especially for Bitcoin:
Bitcoin price has shown a neutral trend in the last 7 days, however, The month of November ended with an increase of approximately 40% for the largest Cryptocurrency and a market dominance of 56.13%.
At the time of writing, the price of Bitcoin is trading at $97,000, with daily gains of 0.43%, weekly gains of 0.46%, and monthly gains of 35.9%. In this way, we enter the last month of the year 2024.
Not only is it the end of the year, but, with the new administration of Donald Trump, we could be on the verge of great changes in the political and macroeconomic sphere. Given this, the price of Bitcoin may be influenced.
Ali Martínez: BTC will reach $140,000
The popular cryptoanalyst Ali Martínez, showed the evolution of Bitcoin since 2013 using a graph and pointed out how the increase in price has been influenced by the United States presidential elections. This year history repeated itself and according to Ali Martínez, the price of Bitcoin could experience an upward break in December towards new all-time highs as high as $125,000 and $140,000.
Historically, #Bitcoin $BTC has emerged in the December following US Presidential elections, with gains of 30% and 46% in the last two cycles.
If history repeats, we could see $BTC closing the year in the $125,000–$140,000 range! pic.twitter.com/Dd1h0eM4oH
— Ali (@ali_charts) November 30, 2024
“Bitcoin has historically surged in December following the US presidential election, with gains of 30% and 46% over the past two cycles. If history repeats itself, we could see BTC closing the year in the $125,000 – $140,000 range!”
Important Signals for Bitcoin on Charts
Bitcoin’s RSI could be hovering near the overbought range, which would indicate continued bullish sentiment for the largest cryptocurrency.
And if this sentiment holds, it could equal the price of Bitcoin surpassing its price target of $100k. Thus, the price could head to higher highs such as $110,000. While the loss of the USD 92,000 level could push the price towards the lower and key support level of USD 81,000.
So as Bitcoin targets such key levels, the bulls show they are in control. Other indicators such as the MACD show Bitcoin in positive territory.
Rising wedge breakout: Faibik
According to other analysts such as Captain Faibik (of
It should be noted that the break of this chart downwards means a correction. The interpretation of this type of pattern, in fact, is that of a retracement (contrary to the descending wedge). Therefore, this forecast would indicate a possible correction for the price of Bitcoin.
Will December end with a rally for altcoins?
On the other hand, other analysts also predict a rebound for altcoins. These types of predictions could come true with BTC reaching new highs and stabilizing above the key $100,000 level.
In this way, just like in November, we could see several altcoins surpass year-long levels and all-time highs.
It is also worth highlighting the increase in transaction volumes for Bitcoin and Ethereum, which indicates a trend towards accumulation by the two cryptocurrencies and which could be transmitted to smaller projects.
Mass Token Unlock
On the other hand, this month the Altcoin market could be flooded with tokens, since It is estimated that more than $5 billion in tokens will be unlocked Currently and among them at least 2,000 million dollars in unlocks correspond to the so-called “cliff” or massive unlocks.
Some of the most striking unlocks are:
First, Jito (JTO), which will release a total of $498 million in tokens on December 7, and Sui, which will release $221 million this December 1st. Aptos will also release $149.85 million in APT.
In conclusion
December is presented as a crucial month for the price of Bitcoin and cryptocurrencies in general, with expectations of reaching new all-time highs driven by political and macroeconomic factors, as well as by signals from technical analysis.
However, the possibility of corrections and the influence of massive token unlocks on the altcoin market indicate that volatility will continue to be a determining factor. Investors should be prepared for both upside opportunities and potential risks in this exciting close to 2024.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
