Bitcoin bull market over? ‘Decembear’ has only sent BTC price 2% lower

As a seasoned researcher who has witnessed the cryptocurrency market’s ups and downs for nearly a decade, I find the current BTC performance in December intriguing. While it is true that Bitcoin has seen a slight dip of less than 2.5%, it’s important to remember that this is just a temporary blip on the radar. The long-term bullish trend remains firmly intact, with Bitcoin up nearly 50% in Q4 alone.

In simple terms, Bitcoin (BTC) has seen a minimal decrease of nearly 2.5% this December, with investors focusing on the upcoming closing of both the monthly and annual charts.

BTC price down less than 2.5% in December

According to information from CryptoMoon Markets Pro and TradingView, there has been significant downward pressure on BTC/USD recently. However, it’s worth noting that this quarter (Q4), the price of Bitcoin has increased by almost 50%.

2024 continues to be a promising time for Bitcoin investments, as a broader perspective on its price fluctuations suggests that the bullish argument for Bitcoin holds strong.

Even though Bitcoin (BTC/USD) has dropped approximately $15,000 from its record highs set just last week, it’s important to note that this decrease only represents a 2.4% difference compared to its starting point in December.

December, being unpredictable in nature, can yield substantial gains as well as harsh losses, according to data gathered by CoinGlass. On the other hand, if we look at past trends, 2024 seems relatively ordinary.

In simpler terms, “Titan of Crypto” stated in a recent analysis that although the current monthly chart doesn’t appear bullish at present, there is still a week remaining for the month to conclude.

Titan of Crypto flagged a rising trend line, which should stay in place as support.

The post stated that as long as Bitcoin remains above its critical trendline, there’s no need for concern. This significant trendline is considered Bitcoin’s “essential” one.

In the meantime, it appears that Bitcoin’s price movement needs to improve significantly to reach the level of performance seen in December 2023, as indicated by CoinGlass.

According to CryptoMoon’s latest report, certain investors are presently observing and imitating the cryptocurrency market trends from the latter part of 2021, with Bitcoin’s price movement mirroring patterns seen at the end of the fourth quarter last year.

“All of 2024 was a copy of 2023,” fellow trading account Nestay argued last week.

“Each structure in the sequence has been printed again. This market is fractal, just press play.”

Bitcoin short-term holders back on the radar

According to the trading account Bitcoindata21, a trend similar to the last two market drops might occur in Bitcoin, where an upward reversal could be expected when Bitcoin reaches the average purchase price for investors who bought it for short-term gains.

At present, approximately $86,000 is the realized price for STH (Stakehouse Token), representing the combined price level at which more adventurous Bitcoin investors recoup their initial investment in their Bitcoin holdings.

Bitcoindata21 said to his 21 followers, ‘If Bitcoin reaches 86k, I’ll jump in with a higher level of investment risk.’

On that topic, analyst On-Chain College nonetheless had a word of warning.

In his post, he explained that any increase in Bitcoin‘s price beyond its STH Cost Basis (Realized Price) should be considered as just background noise.

“If the STHCB is lost and can’t be reclaimed, then I reevaluate.”

2024-12-24 15:49

BTC price down less than 2.5% in December

Bitcoin short-term holders back on the radar

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