As a seasoned researcher with over a decade of experience in the volatile and fascinating world of cryptocurrencies, I have witnessed firsthand the rollercoaster ride that is Bitcoin. The recent analysis suggesting “insane long opportunities” for BTC over the coming months has piqued my interest.
Over the next few months, Bitcoin might have significant long-term investment prospects, according to analysts, since it’s believed that Bitcoin is now entering a stage of price exploration.
In simpler terms, ‘Daan Crypto Trades’ noted on X on Dec 2 that Bitcoin appears to be entering its price exploration period in this cycle, as it has been trading above its prior record high for nearly a month.
The individual noted that in the previous two market cycles since the discovery phase, there have been significant increases. Specifically, he highlighted that Bitcoin (BTC) experienced a growth of approximately 1,600% during the 2017 bull market and around 245% during the 2021 bull market following its entry into discovery.
“Even if we’d do half of the 2021 move, that would still put the price at around $150K,” he said.
The process by which the true value of an asset is established through the actions of both buyers and sellers in the market is known as price discovery. When this asset starts trading at prices higher than its previous highest recorded value, a new phase commences.
According to Charles Edwards, the founder of Capriole Fund, every market cycle offers approximately 4 to 7 months of extraordinary gains for Bitcoin. He noted that the initial phase of this pattern happened in November this year, during which Bitcoin increased by about 40% and set new highs for monthly price records.
He forecasted that the upcoming months would offer extraordinarily lengthy investment windows. Traditionally, December has been a favorable period for Bitcoin’s growth as well.
On the 2nd of December, early trades pushed Bitcoin up to around $98,000. However, it has since dropped slightly, currently trading about 3.3% below its record high of $99,645 set on November 22nd. CryptoMoon analysts suggest that further gains could be possible in December.
Historically speaking, Bitcoin tends to see a growth of around 10% during the month of December. Notably, it has shown exceptional performance in the years 2010, 2011, and most recently in 2020, as pointed out by Markus Thielen, CEO of 10x Research.
Speaking as a crypto investor, I can’t help but notice that the halving years have been particularly rewarding. For instance, during 2012, I saw a return of approximately 6% come December, and in 2016, it was a whopping 31%. The year 2020 was no exception, as my investments returned an impressive 47%. On average, the returns during halving years have been nothing short of remarkable, averaging a staggering +28%!
“All three halving years posted positive returns in December,” he said.
Currently, the Chief Investment Officer at cryptocurrency financial services company Ledn, John Glover, stated to CryptoMoon that a more significant correction might still occur. Yet, there’s also a chance that the momentum could push prices up to around $125,000, he noted.
“There’s no real threat of a drastic sell-off unless we breach the March 2024 high at ~$74k, so I expect the market to continue adding to longs on any dips.”
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2024-12-02 08:19