Bitcoin is currently trading at $95,600, after experiencing a slight decline in the past 24 hours. In November, Bitcoin surged 37.3% on the back of the US presidential election. Historically, Bitcoin has typically performed well in December following an election, with gains ranging from 30% to 46%.
Based on this trend, analysts predict that Bitcoin could reach a new high in December this year, with a price of as high as $115,000. Bitcoin’s monthly performance from 2013 to 2024 has varied significantly, but December has generally been a strong month, especially in 2020 and 2021. However, months like January, May, and November have often produced mixed results.
However, November and December 2022 saw lower returns, suggesting a weakening trend towards the end of the year. Despite these fluctuations, December is still seen as a month with high growth potential, raising expectations for a breakout in the coming weeks.
According to a report from Spot On Chain on April 24, 2024, Bitcoin prices are forecast to continue to be volatile. There is a 63% chance that Bitcoin will reach $100,000 in the second half of 2024.
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For the period from May to July 2024, Bitcoin’s expected price range is between $56,000 and $70,000, with a 48% chance that the price will fall below $60,000.
Looking at the long term, the forecast shows a 42% chance that Bitcoin will surpass $150,000 in the first half of 2025, and this number increases to 70% if considered over the entire year.
