Bitcoin reaches $39k and starts last month of the year on a positive note

Last Updated on 2 December 2023 by CryptoTips.eu

On the first day of December, Bitcoin crossed the $39k mark on several crypto platforms. The last month of the year starts off on a positive note. Analysts agree to expect a rally above $40k, but are unsure where it will end.

2023 looks to be another fantastic year for crypto. Since the beginning of the year, Bitcoin has already risen by 130%.

Whales are accumulating

According to Bitinfocharts, many new (probably institutional) investors have now joined into the buying spree. Bitcoin Whales in particular have been stirring since the largest digital coin has traded above $35k in recent weeks.

One anonymous wallet has purchased around $400 million worth of Bitcoin in the last three weeks alone. Many believe these new addresses belong to Wall Street companies that believe an ETF approval will quickly push the price of Bitcoin above $50k.

Neutral

December is normally a neutral month for Bitcoin, but in years when the price is very bullish (in the last ten years we think of 2017, 2020, 2021 and also 2023) Bitcoin tends to rise very sharply in December.

 

“In terms of seasonality, December is considered a relatively neutral month of the year, adding half the time over the past 12 years,” said Alex Kuptsikevich, an analyst for FxPro.

 

“The average gain is 30.8%, while the average decline is 12.8%.”


Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]