Bitcoin’s Post-Election Gains And Market Trends: A Closer Look
The post Bitcoin’s Post-Election Gains And Market Trends: A Closer Look appeared on BitcoinEthereumNews.com.
Historically, Bitcoin has delivered remarkable returns in the December following U.S. presidential elections. During the last two cycles, the cryptocurrency gained 30% and 46%, respectively. If this pattern repeats, Bitcoin could end the year trading between $125,000 and $140,000. Historically, #Bitcoin $BTC has surged 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 Recent market activity supports bullish sentiment. Over the past 72 hours, more than 55,000 BTC—worth an estimated $5.34 billion—have been withdrawn from exchanges. This suggests strong accumulation by investors, typically a positive sign for price momentum. Over 55,000 #Bitcoin $BTC have been withdrawn from exchanges in the last 72 hours, worth around $5.34 billion! pic.twitter.com/4YrlwDnUjY — Ali (@ali_charts) November 30, 2024 However, long-term Bitcoin holders have also been taking profits as prices climbed from $62,000 to $99,000. While this might seem bearish, it’s important to note that profit-taking is a hallmark of every bull market. Historically, such activity has not prevented further upward movement in Bitcoin’s price. Long-term #Bitcoin $BTC holders have been booking profits as prices rose from $62,000 to $99,000, but this shouldn’t be a reason to turn bearish and short the corn! Notice that in every bull market, that’s what long-term holders always do: they book profits! pic.twitter.com/IHMcWpIbe5 — Ali (@ali_charts) November 29, 2024 Bitcoin ETFs Records Outflow But With A Twist Meanwhile, Bitcoin ETFs have shown mixed signals, recording outflows on two of the four trading days this week. Despite this, BlackRock’s iShares Bitcoin Trust (IBIT) continued to dominate the ETF market. The fund added 4,230 BTC (valued at $405.3 million), bringing its total holdings to 496,853 BTC, worth approximately $47.83 billion. 🇺🇸…
Filed under: News - @ November 30, 2024 9:03 pm