Bitcoin’s price today reached US$38,800 for the first time since May 2022. The digital currency thus continues the strong trend of recent months, which seems to be mainly driven by high expectations for the American Spot Bitcoin ETF. Measured over the past 24 hours, Bitcoin has risen almost 3%.
All markets in positive territory
The rise of Bitcoin today is not unusual. Almost all markets in the world are currently in the green, although moderately in some cases. For example, the European Stoxx index has risen 0.52 percent since the opening of the stock market on Friday.
However, this is nothing compared to the almost 3.0% that Bitcoin has registered in the last 24 hours. Could this be the moment the digital currency rises to the $40,000 level? This could easily happen if the bulls manage to maintain this momentum.
Bitcoin’s strong performance also means the rest of the market is benefiting. The market capitalization of the entire cryptocurrency market exceeded $1.5 trillion on Thursday for the first time in a long time.
The market has grown by $400 million since its inception in October. This appears to be largely due to optimism about US spot Bitcoin ETFs.
High expectations for December?
Expectations for December are slightly lower when it comes to Bitcoin and the rest of the market. “In terms of seasons, December is considered a relatively neutral month of the year. About half of the last December 12 were positive. The average increase is 30.8%, while the average decrease is 12.8%,” says Alex Kuptsikevich.
A 30.8% increase would be fantastic for Bitcoin. That would mean a price of over $49,000 from here. This puts us very close to the all-time high of $69,000 that Bitcoin recorded in November 2021.
From a purely sentimental perspective, you would say that a positive December is much more likely than a negative December, but these are also the times when it is advisable to be cautious.
If there is any good news in sight for the Bitcoin ETF, a positive December seems the most likely scenario.
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
