“Bitcoin ended November with a 37.3% gain and has every chance to hit six figures in December due to favorable seasonality. This was reported in Bitfinex. Source: Bitfinex. According to experts’ calculations, historically in this month the asset rose in price by an average of 38.9%, if we take into account only the halving years. Experts have warned that the growth will be volatile, which will be related to the fixation of profits by hodlers and the dynamics of BTC-ETF. Yes, according to the results of the previous week, customers took away […]”, — write: businessua.com.ua
Bitcoin ended November with a 37.3% gain and has every chance to hit six figures in December due to favorable seasonality. This was reported in Bitfinex.
Source: Bitfinex.
According to experts’ calculations, historically in this month the asset rose in price by an average of 38.9%, if we take into account only the halving years.
Experts have warned that the growth will be volatile, which will be related to the fixation of profits by hodlers and the dynamics of BTC-ETF.
So, according to the results of the previous week, clients took $135.1 million from exchange funds, and long-term investors reduced their balances by 508,990 BTC.
“While this is still short of the 934,000 BTC allocated to the March 2024 highs, ongoing pressure from sellers requires sustained demand to avoid further price declines,” the analysts said.
According to Bitfinex, the number of coins at the disposal of speculators is close to a cyclical peak of 3,282,000 BTC. Historically, the final phase of the bull run occurred after the metric exceeded the highs observed before the halving.
Source: Bitfinex.
The current phase of consolidation serves as a necessary pause to absorb profit fixation and adjust market demand, they concluded.
QCP Capital attributed the current correction to reports of the US government moving 10,000 BTC (~$963 million at the time) linked to Silk Road.
Asia Color – 3 Dec 24
1/ Bitcoin soared past $97K before pulling back to hover above $95K. This retrace followed news of the US government moving 10K #BTC (~$963M) linked to Silk Road—a transfer that rattled markets.
— QCP (@QCPgroup) December 3, 2024
According to experts, in the nearest contracts the expected volatility shifted even more towards the puts.
Earlier, CryptoQuant CEO Ki Yoon-ju explained the absence of an alt-season.
We will remind, according to cryptoanalyst and founder of ITC Crypto Benjamin Cowen, a deep correction is expected for similar assets before the growth season.
The source