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Bitcoin (BTC) opened December in a tight consolidation range after teasing the $100,000 psychological resistance in November. As this new month starts, Finbold looked at Bitcoin’s historical returns to provide a BTC price projection for December 31.
In hindsight, Bitcoin closed November with 37.29% gains, within Finbold’s predicted price range using this same methodology.
On November 2, we published the BTC price prediction targeting a monthly close between $75,275 and $100,334, while the leading cryptocurrency was trading at $69,495. Bitcoin closed November 30 at $96,451, validating the method, which we will now repeat for this month.
Bitcoin historical returns in December since 2013
Data from Coinglass shows December is usually a month of consolidation, without many expressive results either up and downwards.
Notably, Bitcoin’s monthly performance in December, dating back from 2013, has accumulated 5.00% gains on average. However, with six negative years out of eleven, December also has a median return of minus 1.73%. These returns are measured from opening to closing, or December 1 to 31.
For example, Bitcoin’s historical best December was in 2020, up 46.92% after a 42.95% November. Something similar also happened in 2017, with a 53.48%-gain November followed by a 38.89%-up December.
Nevertheless, 2013 was December’s worst year after November’s best yearly performance, with -34.81% and +449.35%, respectively. Overall, all positive November years were followed by an also positive December with the exception of 2013 and 2014.
Bitcoin (BTC) price prediction by December 31, 2024
As of this writing, Bitcoin is trading at $95,930, below December’s opening price of $96,451. The leading cryptocurrency now consolidates after breaking out of high and low time frame downtrends that led to its rally.
Therefore, based on its historical returns, BTC could trade between $94,782 and $101,273 by the end of 2024. The prediction projects Bitcoin’s price from December’s opening using the median and average historical returns if BTC keeps its pattern.
Yet, it could go even higher if mirroring November’s performance as it has before in bull market years.
All things considered, predicting the price of any asset, especially cryptocurrencies, is not a conclusive science. There are no guarantees that Bitcoin will trade within this forecasted range by December 31.
Featured image from Shutterstock.
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