Bitcoin Prepares for a Bullish Finale Following History’s Lead

Sahana Kiran
Source – Watcher Guru

Bitcoin (BTC) has recently surpassed the $41,000 threshold, achieving a significant milestone not witnessed in over 18 months. This resurgence follows a challenging period in 2022 marked by controversies surrounding Bitcoin and other cryptocurrencies. Various governments and central banks stepped in to regulate their use and trading. This resulted in a decline from an all-time high of $66,000 to below $17,000. As 2023 nears its end, enthusiasts of Bitcoin are closely monitoring historical trends that suggest December may shape up to be another bullish month for the premier cryptocurrency.

A detailed analysis of BTC’s seasonality unveils a noteworthy trend. For instance, if October and November conclude on a positive note, December typically follows suit. This observed pattern is not a recent phenomenon, as historical data spanning the past decade illustrates similar occurrences.

Positive closures in October and November were seen back in 2015. During this, the king coin surged by 33.1% and 19.8%, respectively, and BTC experienced a 14.1% rise in December. Subsequent years, notably 2016 and 2017, saw even more impressive upticks. Bullish returns in December reached 29.2% and 38.8%, respectively. In 2020, following gains of 28.1% and 42.9% in October and November, BTC skyrocketed by 47.8% in December. This further notes how Bitcoin has been consistent throughout.


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Acknowledging Exceptions and Unique Circumstances

Although there are anomalies, like the 33.2% dip in December 2013, it is essential to factor in the distinctive circumstances of that particular year. The cryptocurrency landscape during that time resembled the “Wild West,” marked by unparalleled price fluctuations, such as the remarkable 453.9% surge in November. In 2023, Bitcoin has maintained its upward trajectory, concluding October with a gain of 28.5%, and is anticipated to close November with an increase of 7.18%.

Insights from Statistics

The last quarter of the year has consistently proven to be one of the most positive for the cryptocurrency market. Currently, the fourth quarter of 2023 is concluding with a notable 37.7% gain, potentially marking the eighth instance out of 13 years where the year concludes on a bullish note. Armed with this historical insight, the cryptocurrency community is keeping a close eye on Bitcoin, eagerly anticipating whether the trend will persist, making December 2023 a memorable month for BTC enthusiasts.

The recent resurgence of Bitcoin above the $41,000 mark has infused optimism among enthusiasts, especially as December looms ahead. The historical seasonality of BTC, highlighting the positive correlation between October, November, and December, serves as a compelling foundation for anticipation. While exceptions exist, the overarching trend indicates that December holds the potential to be another bullish month for Bitcoin, further solidifying its narrative as a resilient and historically rewarding asset. As the cryptocurrency community eagerly awaits the unfolding of December 2023, the attention of investors and analysts remains focused on Bitcoin’s performance, eager to witness if history will once again repeat itself in the ever-evolving world of cryptocurrency.

Also Read: Bitcoin vs. Ethereum: What Are Institutional Investors Buying?

At press time, Bitcoin was trading at $41,824.68 with a 1.42% daily surge.