Bitcoin (BTC) experienced a rather turbulent end to November, reaching a local bottom of $90,796 on Tuesday. Notably, the market bulls have shown some resilience in the past few days producing a market gain of 5.9% to move the digital asset back above $96,000. Interestingly, as December begins, popular market analyst Ali Martinez has backed BTC to resume its uptrend reaching a potential price target of $140,000.\n<\/p>\n
In an X post on November 30<\/a>, Martinez predicted Bitcoin is likely to maintain a positive performance going into the last month of 2024.\u00a0<\/p>\n So far, the crypto market leader has captured significant investor interest in Q4 2024, gaining by 10.76% in October and 37.99% in November. The BTC market has been strongly bullish, driven by several factors including the recent Fed rate cut in November<\/a>, Donald Trump\u2019s electoral victory, and high market inflows into the spot Bitcoin ETFs. <\/a>\n<\/p>\n Moving forward, December historically presents itself as a two-phased month for Bitcoin proven by an average return of 5.45% and a median return of -3.59% over the past 11 years.\u00a0<\/p>\n However, Martinez explains that Bitcoin has traditionally surged in any December following the US Presidential elections, as evidenced by gains of 30.80% and 46.92% in 2016 and 2020, respectively.\u00a0 If the premier cryptocurrency mirrors this similar pattern from these previous bull cycles, the analyst predicts Bitcoin to trade between $125,000 \u2013 $140,000 before 2024 runs out.<\/p>\n According to data from the BTC weekly chart, the asset\u2019s 100-day simple moving average (SMA) remains far above its price signaling an uptrend continuation in agreement with Martinez\u2019s projection.\u00a0 However, a relative strength index (RSI) of 75.56 indicates Bitcoin has been overbought and is vulnerable to sudden price falls.<\/p>\n \u00a0<\/p>\n In more positive news for the Bitcoin community, over 55,000 Bitcoins, valued at $5.34 billion, have been moved from crypto exchanges over the last three days. This development<\/a> is largely interpreted as bullish as it reduces available Bitcoin supply on exchanges, potentially decreasing selling pressure. Moreover, it signifies investors\u2019 anticipation of immediate price gains by BTC.\u00a0<\/p>\n At the time of writing, BTC trades at $96,203 following a 0.43% loss in the past 24 hours. In any further ascent, Bitcoin will encounter minor resistance at $97,300, which should provide no major opposition as the premier cryptocurrency is largely tipped to break above $100,000<\/a> sooner or later.<\/p>\n Meanwhile, BTC\u2019s daily trading volume, valued at $31.98 billion, is down by 41.27% indicating a decline in traders\u2019 participation and general market activity.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) experienced a rather turbulent end to November, reaching a local bottom of $90,796 on Tuesday. Notably, the market bulls have shown some resilience in the past few days producing a market gain of 5.9% to move the digital asset back above $96,000. Interestingly, as December begins, popular market analyst Ali Martinez has backed […]<\/p>\n","protected":false},"author":0,"featured_media":24871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-24870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/24870"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24870"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/24870\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/24871"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Investors Withdraw $5 Billion Bitcoin From Exchanges\u00a0<\/strong><\/h2>\n