The post Bitcoin: After 39% November surge, will BTC hit $140K in December? appeared on BitcoinEthereumNews.com.

Bitcoin has surged by 39.72% over the past month. An analyst predicted a December rally to up to $140k, citing historical performances. After the U.S. presidential elections, Bitcoin [BTC] saw an exponential surge, hiking from a low of $66K to a new all-time high of $99,800. However, since hitting this high, it has experienced a market correction, going back down to $90,742. This increased market volatility has left crypto analysts conflicted, with some optimistic over a surge past $100k while others saw a potential decline. One of these optimistic analysts is the popular crypto analyst Ali Martinez, who has suggested a December rally, citing U.S. presidential elections. Bitcoin’s historical performance In his analysis, Martinez posited that Bitcoin has historically surged in December after the U.S. presidential elections. Source: X According to him, BTC made significant gains in the last two cycles. As such, in 2020, BTC surged from a low of $17,570 to a high of $29,300, marking a 66.84% increase. In 2016, BTC increased from $740 to a high of $981. This was a 32.56% increase. This historical pattern shows Bitcoin experiencing price pumps in December following the U.S. presidential elections. As such, if history is anything to go by, we could see BTC make considerable gains throughout the month. In this regard, Martinez predicted that the king coin could hit between $125,000 to $140, 000. What the charts say Although Bitcoin has retraced since hitting its current ATH, the king coin remained in a bullish phase. As such, the prevailing conditions just point towards potential gains on price charts. Source: Cryptoquant For example, the Bitcoin NVT Golden Cross has surged from -0.13 to 1.1 at press time. When NVT golden cross rises, it suggests long-term confidence in the asset’s growth trajectory. As such, investors are valuing the network…

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Filed under: News - @ December 2, 2024 6:22 am