According to data from the BTC weekly chart, the asset’s 100-day simple moving average (SMA) remains far above its price signaling an uptrend continuation in agreement with Martinez’s projection. However, a relative strength index (RSI) of 75.56 indicates Bitcoin has been overbought and is vulnerable to sudden price falls. Related Reading: Bitcoin Flows To Binance Hit Historic Lows—Is Market Confidence Soaring?
Moving forward, December historically presents itself as a two-phased month for Bitcoin proven by an average return of 5.45% and a median return of -3.59% over the past 11 years. However, Martinez explains that Bitcoin has traditionally surged in any December following the US Presidential elections, as evidenced by gains of 30.80% and 46.92% in 2016 and 2020, respectively. If the premier cryptocurrency mirrors this similar pattern from these previous bull cycles, the analyst predicts Bitcoin to trade between $125,000 – $140,000 before 2024 runs out.
Prepare For Bullish December – Analyst In an X post on November 30, Martinez predicted Bitcoin is likely to maintain a positive performance going into the last month of 2024. So far, the crypto market leader has captured significant investor interest in Q4 2024, gaining by 10.76% in October and 37.99% in November.
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