Bitcoin’s price rose 37.3% in November 2024, following the U.S. presidential election, according to SpotOnChain. Historically, Bitcoin has performed well in December after an election month, with price increases ranging from 30% to 46%.
The #Bitcoin price soared by 37.3% in November 2024, the US election month.
Historically, every December following an election month has shown remarkable growth (30%–46%).
This aligns with our April prediction that $BTC is likely to hit $100K. Now, with new FOMO factors in… https://t.co/lie8sHEtS4 pic.twitter.com/tpr9hQZl96
— Spot On Chain (@spotonchain) December 2, 2024
Based on this trend, analysts believe Bitcoin could hit a new all-time high this December, reaching $115,000. This aligns with earlier reports that predicted Bitcoin could reach $100,000, with new factors driving investor optimism.
Bitcoin’s Historical Monthly Returns
Bitcoin’s monthly performance has varied significantly from 2013 to 2024. When returns were positive, December was often a strong month for Bitcoin, particularly in 2020 and 2021. However, some months, like January, May, and November, have shown mixed results.
However, November and December 2022 saw lower returns, indicating a decline towards the year’s end. Despite these fluctuations, December stands out as a month of growth, raising hopes for further gains in the coming weeks.
Bitcoin Price Forecast for 2024 and Beyond
According to a report from Spot On Chain, as noted on April 24, 2024, Bitcoin’s price will likely remain volatile. Projections suggest a 63% chance Bitcoin will reach $100,000 in the second half of 2024.
The @spotonchain’s analyst team conducted several models using Vertex AI from Google Cloud, and the below is our prediction for $BTC price:
– We anticipate $BTC prices ranging from $56k to $70k during May, June, and July, with a 48% probability of the price falling below $60k.… pic.twitter.com/4zPgMXyrf2
— Spot On Chain (@spotonchain) April 24, 2024
The price range for May, June, and July 2024 was anticipated to be between $56,000 and $70,000, with a 48% probability of Bitcoin falling below $60,000. However, there is a 42% probability Bitcoin will surpass $150,000 in the first half of 2025, increasing to 70% for the entire year.
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