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Bitcoin Today 12/02/2024: traders predict BTC at US$100,000 this week
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After recording the best individual performances in its history in November, the Bitcoin (BTC) had a slight recoil in the first days of December. As a result, the cryptocurrency opened in drop of 1.9% this Monday (2) and reached US$95,000.
In weekly terms, the cryptocurrency registered a slight loss of 0.45%, but closed November with gains of 37%, the best result for November since 2020. However, BTC had its biggest daily candle in history this month, rising by $11,000 in just one day.
On the other hand, XRP led the Top 10 weekly gains and saw an increase of over 50%. With this, the cryptocurrency returns to record its highest levels since 2021, as it had already done last week.
Already the Ethereum (ETH) rose around 10.4%but the Ethereum Name Service (ENS) led the week’s gains by appreciating more than 77%. Solana (SOL), in turn, was in the opposite column and had losses of 12.2% in the week.
Bitcoin at US$ 100 thousand in 48 hours
Bitcoin price posted a solid 37.3% gain in November following Donald Trump’s victory in the United States presidential election. Historical data shows that BTC rally could reach another 46% in Decemberleading it to finally surpass the all-time high.
In the last 24 hours, BTC had a slight correction and dropped to US$95,100. If this bullish rally expected by the market happens, BTC should reach up to US$141,000 during December.
The blockchain analysis platform Spot On Chain has made a history of the price of BTC in election years in the US. According to the platform, after the elections, the price of Bitcoin appreciated by up to 46% in December.
With new market dynamics driven by demand from large investors and even countries recognizing BTC, Spot on Chain claims that the BTC could reach $115,000 by the end of December, taking into account an average gain of 30% in the month.
In the case of a 46% increase, the BTC price rally could extend to US$141,000 by the end of December, corroborating the expectations of most traders.
According to data from 10x Research, the Bitcoin supply on exchanges is running out very quickly, which brings new upward momentum. Unlike the late summer influx that boosted exchange inventory, current blockchain data reveals a sharp drop.
Bitcoin Today 12/02/2024: traders predict BTC at US$100,000 this week
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Bitcoin Today 12/02/2024: traders predict BTC at US$100,000 this week
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Bitcoin Today 12/02/2024: traders predict BTC at US$100,000 this week
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Bitcoin Today 12/02/2024: traders predict BTC at US$100,000 this week
